GSK Expands In Argentina With $253M Phoenix Buy

Law360, New York (June 10, 2010, 6:43 PM EDT) -- GlaxoSmithKline PLC said Thursday that it would pay $253 million to buy Argentine generic-drug manufacturer Laboratorios Phoenix SA in a deal that would create the country's third-largest pharmaceutical company.

The all-cash deal gives GSK full ownership of the Buenos Aires-based Phoenix, as well as a stronger foothold in the growing pharmaceutical market in Latin America, the company said in a regulatory filing with the U.S. Securities and Exchange Commission.

“This is an important step forward in our strategy to grow our business in Latin America, a...
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