GlaxoSmithKline raises exposure to India with $1.05B deal

GlaxoSmithKline (GSK +0.8% in London) increases its stake in Indian unit GlaxoSmithKline Pharmaceuticals Ltd to 75% from 50.7% for 64B rupees ($1.05B).

The subsidiary's shares will continue to trade publicly.

GSK offered to pay 3,100 rupees/share as part of an open offer to investors between February 18 and March 5. The company flagged its intention to raise its holding in the subsidiary in December.

GSK said the transaction "further increases our exposure to a strategically important market." The unit provides respiratory, cardiovascular and cancer drugs, antibiotics, and vaccines.

Just over a year ago, GSK paid $901M to raise its holdings in another Indian unit, GlaxoSmithKline Consumer Healthcare, to 72.5% from 43.2%. (PR)

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