March 25, 2009 / 10:01 AM / 10 years ago

Glaxo to buy stake in S.Africa's Aspen -sources

JOHANNESBURG/LONDON, March 25 (Reuters) - GlaxoSmithKline (GSK.L) plans to take a significant stake in Aspen Pharmacare Holdings (APNJ.J) to strengthen its partnership with the South African drugmaker, people familiar with the situation said.

The move, which could be announced in the next week or so, underlines Glaxo’s commitment to growing in emerging markets as part of a strategy to diversify its business.

Glaxo and Aspen declined to comment on Wednesday.

Aspen has a market value of around $2 billion, so buying into the group will be no financial strain for Glaxo, the world’s second-largest seller of prescription drugs.

The equity stake is set to cement an existing relationship between the two companies and could set the scene for further expansion of their alliance, the sources said.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below