GlaxoSmithKline Seeking Acquisition in Turkey

Published: Jan 30, 2012

GlaxoSmithKline Plc (GSK), the U.K.’s largest drugmaker, is seeking an acquisition in Turkey as it struggles to become profitable in the country, Hurriyet said, citing the company’s emerging markets president. Potential targets include producers of cardiovascular drugs or businesses with production facilities that would add value to Glaxo’s operations, Hurriyet cited Abbas Hussain as saying. Glaxo has failed to make a profit or increase revenue in Turkey in the past three years as a result of the country’s drug pricing policy, which has caused the company to cut costs and refrain from adding staff, Abbas told the newspaper. The drugmaker remains upbeat on its prospects there, he said.

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