Triangle Business Journal -- Pharmaceutical giant GlaxoSmithKline has reached a deal to buy China’s Nanjing MeiRui Pharma Co. Ltd. for $70 million in cash, GSK announced Tuesday.
GSK (NYSE: GSK) will buy the company from Pagoda Pharmaceuticals Limited, which owns 90 percent of the shares, and from Allergon AB, which owns the remaining 10 percent.
The purchase, which is scheduled to close by the end of the year, would incrementally increase GSK’s presence in China, one of the key emerging markets targeted by the London-based company.
GSK has North American headquarters in Research Triangle Park and employs about 5,000 across the Raleigh-Durham area.
