GlaxoSmithKline has snapped up a 25% stake in the newborn Japanese subsidiary of South African drugmaker Aspen Pharmacare, extending its reach in the country.
Under the deal, GSK will transfer marketing authorisations and grant distribution rights to Aspen Japan for certain mature products in its portfolio, as well as provide the firm with a pipeline of authorised generics for a number of its medicines.
The move comes as Aspen, Africa’s biggest generic drugmaker, strives to beef up its presence in emerging markets to fuel growth, while GSK turns to new revenue sources to help fill the void left by generic competition.
Completion of the deal is subject to a number of conditions, including that Aspen Japan obtains accreditation as a marketing authorisation Holder.
Financial terms were not released.
Last November, the UK drug giant reduced its stake in Aspen by about a third to just over 12%.