GlaxoSmithKline increases stake in consumer healthcare arm

GlaxoSmithKline has announced it has advanced its stake in its publicly-listed consumer healthcare subsidiary in India to 72.5 percent.

The pharmaceuticals company confirmed it has successfully increased its investment in GlaxoSmithKline Consumer Healthcare from 43.2 percent following the end of the offer period on January 30th.

During this timeframe, the organisation's shareholders validly tendered 12.3 million shares representing 29.3 percent of the total shares outstanding.

Commenting on the move, David Redfern – chief strategy officer for GlaxoSmithKline – said the company is very pleased with the outcome of the transaction as it will further increase the firm's exposure to a "key emerging market".

He added: "It is a significant vote of confidence in the long-term growth prospects of our Consumer Healthcare business in India."

Earlier this week, GlaxoSmithKline announced it had commenced a phase III trial to test the safety and efficacy of the combination of dabrafenib as adjuvant therapy for melanoma.