LONDON, Feb 5 (Reuters) - GlaxoSmithKline Plc haslifted its stake in its publicly-listed Indian consumerhealthcare subsidiary to 72.5 percent from 43.2 percent,deepening its footprint in emerging markets and non-prescriptionproducts.
David Redfern, GSK's chief strategy officer, said on Tuesdaythe transaction - valued at 48 billion Indian rupees ($901million) or 568 million pounds - would further increase exposureto a key emerging market.
"It is a significant vote of confidence in the long-termgrowth prospects of our consumer healthcare business in India,"he added.
Britain's biggest drugmaker announced plans to acquirelarger holdings in both its Indian and Nigerian consumer productbusinesses in November.
GSK offered 3,900 rupees per share for stock in Indian-basedGlaxoSmithKline Consumer Healthcare Ltd during atender period that ran from Jan. 17 to Jan. 30, with finalpayment due on or before Feb. 13. The open offer was managed byHSBC.
Shares in the Indian company were 2 percent lower at 3,750rupees following news of the open offer result, while GSK was0.5 percent higher, ahead of the group's full-year results onWednesday.
The drugmaker's Indian arm sells popular brands such ashealth drink Horlicks, malt-based drink Boost and amulti-vitamin drink VitaHealth, which is marketed to women. Italso markets OTC (over-the-counter) drugs such as paracetamoltablet Crocin, painkiller gel Iodex and acidity reliever Eno.
In Nigeria, GSK's plans to raise its holding inGlaxoSmithKline Consumer Nigeria Plc to 80 percentin a 15.4 billion naira ($98 million) deal are stillprogressing.
Glaxosmithkline (GSK)
