Corporate Banner
Satellite Banner
Scientific Communities
Become a Member | Sign in
Home>News>This Article

GSK and GlaxoSmithKline Consumer Nigeria PLC Announces Agreement

Published: Friday, November 30, 2012
Last Updated: Thursday, November 29, 2012
Bookmark and Share
GSK to increase its stake in GlaxoSmithKline Consumer Nigeria PLC.

GlaxoSmithKline plc and GlaxoSmithKline Consumer Nigeria PLC have announced that they have reached agreement in principle on the terms of a proposal whereby GSK would increase its ownership in the Company from 46.4% to 80% (the “Proposal”).

A minimum public shareholding of 20% is required for a company to maintain a listing on the Nigerian Stock Exchange.

Under the terms of the Proposal, GSK would acquire approximately 321 million shares in the Company on a pro rata basis from public shareholders, at an offer price of NGN 48 per share. It is intended that the Proposal be effected by way of a Scheme of Arrangement.

GSK Nigeria is engaged in the manufacture, marketing and distribution of a wide range of Consumer Healthcare brands including Panadol, Sensodyne, Horlicks and Lucozade.

In addition the Company also sells several pharmaceutical products including antibiotics such as Augmentin and vaccines.

Approximately 70% of the revenue is from Consumer Healthcare Brands and 30% from Pharmaceuticals and Vaccines.

The Proposal represents a premium of 28% to the Company’s closing share price on 23 November, 2012.

The total value of the transaction at the offer price is approximately NGN 15.4 billion (£62 million).

Chief Olusegun Osunkeye, Chairman, GSK Nigeria said: “The Board of Directors unanimously believes that the Proposal is in the best interests of the continued growth of the Company, the shareholders, employees and customers, the community and Nigeria and intends to recommend it to shareholders.”

David Redfern, Chief Strategy Officer, GSK said: “This Proposal to increase GSK’s ownership of GlaxoSmithKline Consumer Nigeria reiterates our long term support of the Company’s strategy and our confidence in the continuing growth prospects of the business.”

The transaction will be funded through GSK’s existing cash resources, will be modestly earnings accretive immediately, and will not impact expectations for the Group’s long-term share buyback programme.

The Company generated turnover of over NGN 21.5 billion in 2011 with a Compound Annual Growth Rate (CAGR) over the past four years of 21%.

The Proposal will be subject to requisite shareholder, regulatory and Court approvals including those of The Nigerian Stock Exchange and the Securities and Exchange Commission.

Citigroup Global Markets Limited is acting as financial adviser to GSK.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,800+ scientific posters on ePosters
  • More Than 4,000+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

GSK, Idera to Collaborate
Idera to collaborate with GSK to identify 3rd generation antisense molecules for treatment of renal disease.
Monday, November 30, 2015
GSK and Merck to Study Immunotherapy Combination as Potential Cancer Treatment
Phase I first-in-human study to evaluate GSK’s OX40 agonist GSK3174998 as monotherapy and in combination with Merck’s anti-PD-1 therapy, Keytruda® (pembrolizumab).
Friday, November 06, 2015
GSK, UNC-Chapel Hill Launch $20M HIV Partnership
This new collaboration will be focused on curing HIV through a jointly-owned new company and a research center.
Tuesday, May 12, 2015
GSK to Establish Global Vaccines R&D Centre in the US
New hub based in Rockville, MD expands GSK’s global vaccines R&D footprint.
Thursday, April 09, 2015
GSK Awarded Up to $200 Million by U.S. Government to Develop New Antibiotics
Funding will support development of drugs to fight antibiotic resistance and bioterrorism.
Friday, May 24, 2013
GSK Launches Discovery Fast Track Competition for Academic Researchers
Scientists in U.S., Canada challenged to submit groundbreaking research proposals for chance at collaborative partnership focused on drug discovery.
Wednesday, May 22, 2013
GSK and Impax Pharmaceuticals Terminate Their Collaboration on IPX066
Both Companies end collaboration for the development and commercialization of IPX066 outside the United States and Taiwan.
Tuesday, May 07, 2013
GSK and Impax Terminate Their Collaboration
The companies are terminating their collaboration for the development and commercialisation of IPX066 outside the United States and Taiwan.
Tuesday, April 30, 2013
FDA Approves GlaxoSmithKline’s Four-Strain Seasonal Influenza Vaccine for Use in the US
FLUARIX® QUADRIVALENT is for the immunisation of children (3+) and adults to help prevent disease caused by seasonal influenza (flu) virus subtypes A and type B contained in the vaccine.
Thursday, December 20, 2012
GSK Agrees in Principle to Increase its Stake in GlaxoSmithKline Consumer Nigeria PLC
GSK plc and GSK Consumer Nigeria PLC announced that they have reached agreement in principle on the terms of a proposal whereby GSK would increase its ownership in the Company from 46.4% to 80%.
Monday, November 26, 2012
GSK to acquire Human Genome Sciences for US$14.25 per Share in Cash
GSK to acquire full ownership of BENLYSTA®, albiglutide and darapladib. Acquisition will be accretive to GSK core earnings in 2013.
Monday, July 16, 2012
GSK to Fully Acquire Cellzome for £61 Million
GSK to further expand its platform technology expertise with acquisition of chemical proteomics company.
Wednesday, May 16, 2012
GSK and University of Nottingham Collaborate to Create Centre of Excellence for Sustainable Chemistry
Innovative carbon neutral laboratory to be established on University Campus.
Friday, April 27, 2012
GSK and Theravance Announce Progression of LAMA/LABA Combination Treatment Into Phase III Development for COPD
Relovair™ programme expanded by start of large Phase IIIb COPD outcomes study.
Friday, February 04, 2011
GlaxoSmithKline and Theravance Commence MABA Phase IIb COPD Study
GlaxoSmithKline (GSK) and Theravance (NASDAQ: THRX) announced today that the first patient has started treatment with an investigational inhaled bifunctional compound GSK961081 ('081) in a Phase IIb study to evaluate efficacy and safety in patients with moderate to severe chronic obstructive pulmonary disease (COPD).
Wednesday, December 22, 2010
Scientific News
High Throughput Mass Spectrometry-Based Screening Assay Trends
Dr John Comley provides an insight into HT MS-based screening with a focus on future user requirements and preferences.
Promising Drug Combination for Advanced Prostate Cancer
A new drug combination may be effective in treating men with metastatic prostate cancer. Preliminary results of this new approach are encouraging and have led to an ongoing international study being conducted in 196 hospitals worldwide.
A Cellular Symphony Responsible for Autoimmune Disease
Broad Institute researchers have used a novel approach to increase our understanding of the immune system as a whole.
When it Comes to Breast Cancer, Common Pigeon is No Bird Brain
If pigeons went to medical school and specialized in pathology or radiology, they’d be pretty good at distinguishing digitized microscope slides and mammograms of normal vs. cancerous breast tissue, a new study has found.
Editing of LIMS Data Made Faster and More Efficient in Matrix Gemini
The latest version of the Matrix Gemini LIMS (Laboratory Information Management System) from Autoscribe Informatics now provides faster and more efficient editing of LIMS data by eliminating the need for a second editing screen.
University of Edinburgh, Selcia Achieve Key Milestones in Drug Development Program
Scientists from the University of Edinburgh, working with Selcia, have successfully passed the 20-month milestone targets of a 30-month Wellcome Trust SDDi £2.5 million project to design novel treatments for sleeping sickness.
Red Clover Genome to Help Restore Sustainable Farming
The Genome Analysis Centre (TGAC) in collaboration with IBERS, has sequenced and assembled the DNA of red clover to help breeders improve the beneficial traits of this important forage crop.
How a Genetic Locus Protects Adult Blood-Forming Stem Cells
Mammalian imprinted Gtl2 protects adult hematopoietic stem cells by restricting metabolic activity in the cells' mitochondria.
Genetic Basis of Fatal Flu Side Effect Discovered
A group of people with fatal H1N1 flu died after their viral infections triggered a deadly hyperinflammatory disorder in susceptible individuals with gene mutations linked to the overactive immune response, according to a recent study.
New Tech Vastly Improves CRISPR/Cas9 Accuracy
A new CRISPR/Cas9 technology developed by scientists at UMass Medical School is precise enough to surgically edit DNA at nearly any genomic location, while avoiding potentially harmful off-target changes typically seen in standard CRISPR gene editing techniques.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,800+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,000+ scientific videos