But then what is this we hear about the recent patent dog fights and the imminent threat of sanctions? Big pharma being (very) displeased with India? Guess it is all a riddle wrapped up in an enigma.
Glaxo Smith Kline
said on Monday it had paid 64 billion rupees ($1.05 billion) to
increase its stake in its Indian pharmaceuticals unit to 75 per cent, as
it banks on rising demand for medicines in emerging markets.
Britain’s biggest drugmaker first announced plans to lift the holding in
Glaxo Smith Kline Pharmaceuticals from 50.7 per cent in December. It held
an open offer to buy the extra shares at 3,100 rupees each from Feb. 18
to March 5. Final payment for shares tendered and accepted will be completed by March 20, GSK added.
David Redfern, GSK’s chief
strategy officer, said the decision to increase exposure to the Indian
market was “a significant vote of confidence” in growth prospects for
its business in India.
GSK, which has had a presence in India
for 90 years, is keen to secure a bigger share of India’s growing $14
billion-a-year market, which it views as promising despite recent moves
to impose price cuts and limit patents on some medicines. The open offer was managed by HSBC.