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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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