LONDON, March 28 (Reuters) - GlaxoSmithKline isbetting more on Indonesia by taking full control of its consumerhealthcare unit in the country, underscoring a drive by thedrugmaker to build up its presence in fast-growing emergingmarkets.
The move, announced on Friday, mirrors the British company'sstrategy in India, where it recently increased its stake inlocal units.
GSK has paid 465 billion rupiahs ($40 million) to SarasvatiVenture Capital for the 30 percent of the Indonesian consumerhealthcare operation it did not previously own, giving it 100percent of a business that sells non-prescription products likePanadol painkillers and Sensodyne toothpaste.
At the same time, GSK has sold its non-core local Insto eyedrops brand to Pharma Healthcare and agreed to divest itsfactory at Bogor, Indonesia, to PT Pharma Healthcare for acombined total of 133 billion rupiahs.
"This transaction is a further example of GSK focusing itsbusiness in strategically important growth markets such asIndonesia. It will also simplify operations in the Indonesianbusiness," David Redfern, GSK's chief strategy officer, said.
GSK's Indonesian consumer healthcare business has seensignificant growth over the last five years, with net salesreaching close to 50 million pounds ($83 million) in 2013, upfrom around 16 million in 2008.
The company is committed to emerging markets as a key growthplatform - based on rising demand for healthcare among growingmiddle class populations - despite recent problems in China,where sales have been hit by bribery allegations. ($1 = 11447.5000 Indonesian Rupiahs)($1 = 0.6019 British Pounds) (Reporting by Ben Hirschler. Editing by Jane Merriman)