LONDON Feb 5 GlaxoSmithKline Plc has
lifted its stake in its publicly-listed Indian consumer
healthcare subsidiary to 72.5 percent from 43.2 percent,
deepening its footprint in emerging markets and non-prescription
David Redfern, GSK's chief strategy officer, said on Tuesday
the transaction - valued at 48 billion Indian rupees ($901
million) or 568 million pounds - would further increase exposure
to a key emerging market.
"It is a significant vote of confidence in the long-term
growth prospects of our consumer healthcare business in India,"
Britain's biggest drugmaker announced plans to acquire
larger holdings in both its Indian and Nigerian consumer product
businesses in November.
GSK offered 3,900 rupees per share for stock in Indian-based
GlaxoSmithKline Consumer Healthcare Ltd during a
tender period that ran from Jan. 17 to Jan. 30, with final
payment due on or before Feb. 13. The open offer was managed by
Shares in the Indian company were 2 percent lower at 3,750
rupees following news of the open offer result, while GSK was
0.5 percent higher, ahead of the group's full-year results on
The drugmaker's Indian arm sells popular brands such as
health drink Horlicks, malt-based drink Boost and a
multi-vitamin drink VitaHealth, which is marketed to women. It
also markets OTC (over-the-counter) drugs such as paracetamol
tablet Crocin, painkiller gel Iodex and acidity reliever Eno.
In Nigeria, GSK's plans to raise its holding in
GlaxoSmithKline Consumer Nigeria Plc to 80 percent
in a 15.4 billion naira ($98 million) deal are still