GSK Nigeria provides manufacturing, marketing and distribution of a range of consumer healthcare brands, as well as several pharmaceutical products including antibiotics, such as Augmentin and vaccines. The company had revenues of $135 million in 2011 with a Compound Annual Growth Rate (CAGR) of 21% during the past four years. The consumer healthcare business in India generated approximately $587 million in 2011 with a CAGR of 19% during the past five years.
David Redfern, chief strategy officer, GSK said, “This proposal to increase GSK’s ownership of GlaxoSmithKline Consumer Nigeria reiterates our long term support of the Company’s strategy and our confidence in the continuing growth prospects of the business.”
“GSK Consumer Healthcare is a well established business in India and its leading product, Horlicks, is an iconic household brand. This transaction represents a further step in GSK's strategy to invest in the world's fastest growing markets and, we believe, offers a liquidity opportunity at an attractive premium for existing shareholders," Mr. Redfern added.