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Home Industry News GlaxoSmithKline buys Croatian research site for $50m

GlaxoSmithKline buys Croatian research site for $50m

14th February 2006

GlaxoSmithKline (GSK) is to buy a research institute from the Croatian firm Pliva.

The Istrazivacki Institut is Pliva’s research and development arm based in Zagreb and is renowned for its work into macrolides.

The deal is subject to regulatory approval but consists of an upfront payment of $35 million and further payments that could reach up to $15 million if certain development targets are met.

GSK has also agreed to keep on all 130 Pliva employees at the site.

GSK senior vice president Allan Baxter said: “We are delighted to take this opportunity to expand GSK’s successful R&D model which will benefit from the unique capabilities of the team at the Research Institute.

“This centre of excellence will strongly complement and enhance our specific expertise and commitment to the discovery of new chemical entities across several therapeutic areas through application of unique platform technologies.”

Pliva chief executive and president Zeljko Covic added: “We believe that the fact that we have reached an agreement with a world class organisation such as GSK is recognition of the knowledge and scientific expertise of the research institute employees, and that this transaction will play an important role for the future of Croatian science.”

Pliva will now focus on the generic market.

track© Adfero Ltd

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