LONDON - GlaxoSmithKline said Monday it has agreed to buy Bristol-Myers Squibb Pakistan Ltd. and certain associated trademarks for around $36.5 million, bolstering its emerging markets business.
Glaxo, which has a major presence in the Philadelphia region, will acquire from Bristol-Myers Squibb a portfolio of more than 30 well-established pharmaceutical brands, many of which occupy leading market positions in key therapeutic disease areas in Pakistan.
The London-based drug maker said that BMS Pakistan's product portfolio, which includes antibiotics, vitamins and dermatology products, is complementary to its existing portfolio and will also provide opportunities in the fast-growing therapeutic areas of cardiovascular and oncology.
Total sales of the BMS Pakistan's product portfolio in 2007 were $19 million.
"We are continuing to make investments in emerging markets, to grow and diversify GSK's business," said Abbas Hussain, president of emerging markets at Glaxo. "This acquisition reinforces our commitment to Pakistan, broadening our product portfolio and helping us to meet the needs of patients."
Glaxo expects to complete the acquisition by early next year.