GlaxoSmithKline (GSK, GSK.L) announced that it has entered into a definitive agreement through which GSK will acquire Bristol-Myers Squibb Pakistan (Private) Ltd. and certain associated trademarks for approximately $36.5 million or £24.6 million. Completion of the acquisition is expected by early next year.
GSK noted that it will acquire a portfolio of over 30 well-established pharmaceutical brands. The Bristol-Myers product portfolio, which includes antibiotics, vitamins and dermatology products is complementary to GSK's existing portfolio. Total sales of the Bristol-Myers product portfolio in 2007 were PKR1.5bn or approximately $19 million.
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