GlaxoSmithKline buys Bristol-Myers Squibb branded generics

GlaxoSmithKline (GSK) has bought Bristol-Myers Squibb’s (BMS) branded generics business in certain countries for a total of $23.2 million (14.18 million pounds).

The deal covers operations in Yemen, Jordan, Lebanon, Syria and Libya, and comprises 13 branded pharmaceuticals.

The buyer said this development builds on previous purchases from BMS in Egypt and Pakistan.

It added: “This purchase is another step forward in GSK’s strategy to accelerate growth in emerging markets and signals a strong commitment to provide quality medicines to patients in the Middle East and north Africa.”

The news follows an announcement last month from GSK relating to a newly-formed alliance with Chroma Therapeutics.

Both companies will work together to develop macrophage-targeted compounds. This collaboration will involve the use of Chroma’s proprietary esterase-sensitive motif technology. In excess of $1 billion in option payments and total milestones will be paid to the company should all four programmes be successful.