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After 51 years of operation in Nigeria, British pharmaceutical giant GlaxoSmithKline (GSK) has announced plans to end its prescription medicines and vaccines in the country.
The multinational pharmaceutical company, initially known as Beecham at its incorporation, is well-known for products like Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among other products.
In a statement sent to the Nigerian Exchange Limited, the multinational pharmaceutical company said it would transition to a third-party direct distribution model for its pharmaceutical products.
At the same time, the company said it is now working with its advisers to agree on the next steps, while it plans to submit a scheme of arrangements to the Securities and Exchange Commission for the possible return of cash to its local shareholders.
GlaxoSmithKiline was incorporated in Nigeria in June 1971 and commenced business the following year.
The Street Reporters Newspaper recalls that the British drugmaker in April 2023 announced the purchase of Canadian chronic cough treatment specialist Bellus for US$2 billion.
It came after GlaxoSmithKline, demerged its consumer healthcare unit Haleon last year, leaving the group to focus on drugs.
GlaxoSmithKline has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, it said in a statement.
Chronic cough, defined as a persistent cough that lasts more than eight weeks, affects an estimated 28 million people worldwide.