Drugmaker GlaxoSmithKline seeks acquisition in Turkey.

By bne IntelliNews January 30, 2012
Drugmaker GlaxoSmithKlines emerging markets president Abbas Hussein told local daily Hurriyet that the company could not make profit in the past three years because of the governments drug pricing policy, yet GlaxoSmithKline still seeks a local company to acquire. GlaxoSmithKline had to sell its products at a lower price because of local authorities pricing policy, Hussein explained. The company currently does not produce drugs in Turkey and GlaxoSmithKline is interested in acquiring companies that produce cardiovascular drugs or companies with production facilities which add value to GlaxoSmithKline, Hussein said. Many local companies fit those criteria but it is difficult to find one that is for sale, Hussein asserted.

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