PHARMA’S expansion to the east took another step forwards yesterday with the news that GlaxoSmithKline (GSK) is to acquire Chinese company Nanjing MeiRui Pharma (MeiRui).
GSK will spend $70m (£44.4m) on the acquisition, as it continues to invest in emerging markets.
China is “one of the fastest growing and most significant of the emerging markets,” the company said.
MeiRui holds a wide portfolio of products, specialising in treatments for urological disorders.
High quality,trusted brands are extremely important in the far east, a spokesperson for GSK added.
MeiRui’s shares will be acquired from Pagoda Pharmaceuticals (90 per cent) and Allergon AB (10 per cent).
The deal is expected to be completed by the end of the year.