GlaxoSmithKline agrees Maxinutrition takeover

GlaxoSmithKline is to expand its presence in the consumer health sector via the acquisition of UK company Maxinutrition for 162 million pounds.

The deal will see the firm take control of a company that manufactures protein-enhanced functional nutrition products, including prominent brands such as Maximuscle.

It is currently Europe's leading sports nutrition business in market share terms and recorded a sales total of 36 million in the most recent fiscal year, as well as achieving a compound annual growth rate of 21 percent in the last three years.

GlaxoSmithKline believes that the Maxinutrition business will benefit from its marketing and research capabilities, while the deal will also allow it to expand the scope of its operations.

John Clarke, the firm's president for consumer healthcare, said: "GlaxoSmithKline will invest behind Maxinutrition's science-proven products to extend the growth of Maxinutrition within its UK and European footprint and expand to the global marketplace."

According to the company's most recent financial report, GlaxoSmithKline's consumer health division experienced growth outpacing the wider market in the third quarter of 2010.