LONDON (Alliance News) - GlaxoSmithKline PLC said Friday that it had acquired full ownership of its Indonesian Consumer Healthcare business for IDR465 billion, equivalent to GBP24.6 million, and sold its non-core brand and manufacturing facility in the country.
The company bought the remaining 30% share in the business from Sarasvati Venture Capital Ltd. It also sold its Insto eye drops brand to Pharma Healthcare Pte Ltd, and agreed to sell its manufacturing site in Bogor, Indonesia to the same company for IDR133 billion. The site will transfer to Pharma Healthcare in 2015.
"This transaction is a further example of GSK focusing its business in strategically important growth markets such as Indonesia. It will also simplify operations in the Indonesian business," said Chief Strategy Officer David Redfern in a statement.
Glaxo will continue to sell the Insto eye drop formulation under the Eyemo brand across other emerging markets, it said.
Shares in Glaxo were trading up 0.8% at 1,626.50 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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