GlaxoSmithKline to Buy Maxinitrition in $255M Deal

Triangle Business Journal - by James Gallagher -- Pharmaceutical giant GlaxoSmithKline, in a move to expand its consumer health care division into sports nutrition, will buy Maxinitrition Group Holdings Ltd., Europe’s No. 1 sports nutrition company.

U.K.-based GSK (NYSE: GSK) will pay about $255 million to acquire all shares of Maxinutrition and repay the company’s outstanding debt. Maxinutrition produces Maximuscle, Maxifuel and Maxitone.

“This deal will give GSK a strong presence in the fast developing protein-based sports nutrition market, appealing across a broad spectrum of consumers from elite athletes to sports participants and those seeking additional nutritional supplementation,” says John Clarke, president of GSK’s consumer health care division. “GSK will invest behind Maxinutrition’s science-proven products to extend the growth of Maxinutrition within its UK and European footprint and expand to the global marketplace, where GSK has existing infrastructure and capabilities. The acquisition is a demonstration of GSK’s strategy to expand our Consumer Healthcare business through appropriate bolt-on acquisitions which meet our strict financial criteria.”

GSK, led by CEO Andrew Witty, bases its North American headquarters in Research Triangle Park and employs about 5,000 in the Raleigh-Durham area.