The purchased business is part of joint venture company Shenzhen GSK-Neptunus Biologicals (GSKNB), and manufactures and develops season and pandemic influenza vaccines for China, Hong Kong and Macau.
Formed in 2009, UK-based GSK increased its equity stake in the company from 40 per cent to 49 per cent in August 2010. The deal will see GSK become the sole owner of GSKNB.
The acquisition shows the significance that GSK places in expanding its product range in China, says chairman and president of GSK Biologicals, Jean Stephenne.
Stephenne adds: ‘The decision to acquire the remaining interest reflects the importance GSK places on making new vaccines available to improve public health in this fast growing emerging market.
The purchase is the first for GSK since its February acquisition of UK-based nutrition company Maxinutrition in a £162 million deal.
Jean Lepore, vice president and general manager of Biologicals and Corporate GSK China, comments: ‘GSK has licensed more vaccines in China than any other global manufacturer and has packaged more than £100 million vaccines at our Shanghai facility.’
Stephenne comments: ‘GSKNB employees have made good progress preparing the site for the production of influenza vaccines and we look forward to continuing this work.’