GlaxoSmithKline (GSK), the UK's largest pharmaceutical firm and the world's fourth-largest by revenue, yesterday acquired Argentinean pharmaceutical company Laboratorios Phoenix (Phoenix) for $253 million as part of its plan to push aggressively into emerging markets.
The acquisition will accelerate the London-based GSK's sales growth and further extend its pharmaceutical portfolio in Argentina and the Latin America region.
Phoenix is a leading Argentine pharmaceutical company focused on the development, manufacturing, marketing and sale of branded generic products.
Founded in 1938 and based in Buenos Aires, Phoenix has a broad based portfolio covering the cardiology, gastroenterology, neuroscience, metabolic, urology and analgesic therapy areas.
GSK will gain access to a broad portfolio of branded generic pharmaceutical products covering therapeutic areas including cardiovascular, gastroenterology, metabolic and urology, as well as a manufacturing facility near Buenos Aires and Phoenix's primary care sales force.
In addition, GSK will acquire an extensive local pipeline of branded generics and product development capability in Argentina.