GlaxoSmithKline P.L.C. said it would increase its presence in China and gain access to a portfolio of urology and allergy products with the purchase of Nanjing MeiRui Pharma Co. Ltd. for about $70 million cash.
The acquisition is expected to close by the end of 2010.
MeiRui's portfolio includes medications for prostate problems and for overactive bladder syndrome, and allergy medicines. The company also has a manufacturing site in Jiangsu Province.
It is the China unit of privately owned Pagoda Pharma Group Inc, which is registered in the British Virgin Islands.
The British drugmaker has major operations in the Philadelphia area. - Roslyn Rudolph