LONDON: GlaxoSmithKline (GSK) has lifted its stake in the group’s Indian subsidiary to 75 percent, the British drugmaker said yesterday.
GlaxoSmithKline said in a statement yesterday that it had increased its stake in publicly-listed GlaxoSmithKline Pharmaceuticals Ltd from 50.7 percent in a deal worth about £625m ($1.05bn).
“We are very pleased with the outcome of this transaction, which further increases our exposure to a strategically important market,” said David Redfern, GlaxoSmithKline’s chief strategy officer.
“It is a significant vote of confidence in the future growth prospects of our pharmaceuticals business in India and underlines GlaxoSmithKline’s long-standing commitment to the country.”
GlaxoSmithKline had announced in December its intention to increase its stake to 75 percent, a level that allows the unit to continue trading on the Indian stock market.
AFP
