GlaxoSmithKline Offer lifts Indian Stakeholding to 75%
British drugmaker GlaxoSmithKline (GSK) said it has successfully increased its stake in its publicly-listed Indian pharmaceuticals subsidiary GlaxoSmithKline Pharmaceuticals Limited from 50.7% to 75%. The Indian firm will remain publicly-listed.
GSK said it accepted shares representing 24.33% of the subsidiary's shares through an open offer, which commenced on 18 February 2014 and closed on 5 March 2014 and values the company at around £625 million.
Final payment for shares tendered and accepted will be completed on or before 20 March 2014, the company added.
David Redfern, chief strategy officer at GSK, said the deal "further increases our exposure to a strategically important market. It is a significant vote of confidence in the future growth prospects of our pharmaceuticals business in India and underlines GSK's long-standing commitment to the country."
