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Business

GSK Has Acquired Laboratorios Phoenix

by Ann M. Thayer
June 21, 2010 | A version of this story appeared in Volume 88, Issue 25

To extend its reach into Latin America, GlaxoSmithKline has bought the 70-year-old Argentine pharmaceutical firm Laboratorios Phoenix for about $253 million in cash. Argentina ranks eighth among emerging markets for pharmaceuticals, with annual sales of $3 billion, and it has the third-highest annual growth rate at 22%, according to market research firm IMS Health. Existing GSK operations in Argentina had sales of about $148 million in 2009, and Laboratorios Phoenix reported sales of just over $100 million. Together they will rank third in Argentina, GSK says. The acquisition gives GSK a portfolio of generic drugs and a manufacturing facility near Buenos Aires.

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