GSK acquires Argentine generics’ maker Laboratorios Phoenix

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GSK acquires Argentine generics’ maker Laboratorios Phoenix

INICIO/Noticias Farmacéuticas | Posted 25/06/2010 0 Post your comment

On 10 June 2010 GlaxoSmithKline (GSK) acquired Laboratorios Phoenix, a leading Argentine pharmaceutical business, for approximately US$253 million. GSK will gain full ownership of Phoenix in a move to accelerate 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. Phoenix has been established for more than 70 years in the Argentine market and has a broad portfolio covering the cardiology, gastroenterology, neuroscience, metabolic, urology and analgesic therapy areas.

GSK expects this move to rapidly expand their presence in the fast growing Argentine market. In addition, President for Emerging Markets GSK, Mr Abbas Hussain, said “Phoenix’s broad portfolio and rich pipeline of branded generics will enable us to bring more medicines of value to patients in Argentina”.

With this agreement, GSK gains access to a broad portfolio of branded generic pharmaceutical products, as well as a manufacturing facility near Buenos Aires and Phoenix’s established primary care sales force. In addition, GSK will acquire an extensive local pipeline of branded generics and product development capability in Argentina.

Argentina has recently been identified by IMS as being one of the most important emerging markets, with a total market value of US$3 billion and the third highest growth rate at 22%.

Combined, GSK Argentina and Phoenix would currently rank third in the Argentine pharmaceutical market.

Reference:

GSK Press Release, GSK drives Latin America growth strategy with acquisition of Laboratorios Phoenix, June 10, 2010