Middle East Business of a Giant Pharma Acquired for $23.2 million

In a deal between two multi-billion dollar companies, a part of the Middle East business of one large pharmaceutical giant changed hand to another giant pharma.

GlaxoSmithKline plc (GSK), the world's third largest pharmaceutical company, today announced that it has acquired the branded generics business of Bristol Myers Squibb (BMS) in Lebanon, Jordan, Syria, Libya and Yemen for a cash consideration of $23.2m.

The reason: "extending its product portfolio in the Middle East and North Africa and accelerating growth in emerging markets". Developed markets are quiet and everyone wants a part of growth in emerging markets like the Middle East. (BMS will continue to supply the products acquired today until 2011 when it is anticipated that manufacture will transfer to GSK’s plant.)