GlaxoSmithKline (GSK) has agreed to acquire the Egyptian mature products business of Bristol-Myers Squibb for US$210 million (£125 million).

GlaxoSmithKline (GSK) has agreed to acquire the Egyptian mature products business of Bristol-Myers Squibb for US$210 million (£125 million). The deal is the latest stage of GSK’s strategy to accelerate sales growth in emerging markets.

Abbas Hussain, president of emerging markets at GSK, said: “It will enable us to build and diversify our existing branded pharmaceuticals portfolio and signals our strong commitment to provide quality medicines to patients in Egypt and other countries in the Middle East and North Africa region.”

Following the acquisition, which is expected to be completed by the end of October, GSK will hold a 9 per cent share in the Egyptian market.

GSK will acquire 20 branded products that currently occupy leading market positions in four therapeutic disease areas in Egypt. The mature products pharmaceuticals business generated sales of $48.5 million last year.

GSK is aiming to capitalise on the pharmaceutical market in Egypt, which is worth some $2.1 billion billion and grew in value by 19 per cent in 2007.