Glaxo Extends Asia Push With Stake In Dong-A Pharma

Tue, 05/11/2010 - 5:26am

LONDON (AP) -- GlaxoSmithKline PLC says it has signed a strategic alliance with South Korea\'s Dong-A Pharmaceuticals Co., acquiring a 9.9 percent stake for 73.9 million pounds ($109.5 million).

The deal announced Tuesday extends Glaxo\'s presence in Asia, ramping up its expansion in emerging markets as pharmaceutical sales slow in developed Western markets.

Dong-A is the leading pharmaceutical and over-the-counter drug company in South Korea, a market forecast to grow by around 10 percent a year through 2012.

Glaxo -- the world\'s second largest drug maker -- says the deal will initially co-promote Glaxo and Dong-A pharmaceutical products, but other opportunities "to strengthen both companies\' commercial positions within the Korean pharmaceutical market" will be explored.



Share this Story

You may login with either your assigned username or your e-mail address.
The password field is case sensitive.