GlaxoSmithKline To Spend $1 Billion To Lift Stakes In India, Nigeria Units

GlaxoSmithKline Plc plans to spend more than $1 billion to raise stakes in its Indian and Nigerian consumer healthcare arms, as Britain's biggest drugmaker deepens its emerging markets and non-prescription consumer health footprint. The deals are the latest of several by GSK, which is reducing its reliance on traditional prescription drug markets in Western economies where sales are slowing. GSK said on Monday it will buy up to an additional 31.8 percent stake in India's GlaxoSmithKline Consumer Healthcare Ltd for about $940 million by paying 3,900 rupees ($70.16) per share in an open offer.

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