GSK acquires China’s Nanjing MeiRui Pharma for $70m
pharmafile | December 8, 2010 | News story | Manufacturing and Production, Sales and Marketing | China, GSK, GlaxoSmithKline, Nanjing MeiRui Pharma, Pagoda Pharmaceuticals, SheNiTing
GlaxoSmithKline has continued its expansion into China with the $70 million acquisition of a local firm.
Nanjing MeiRui Pharma Co’s portfolio includes urology and allergy products, such as Prostat for benign prostatic hyperplasia (enlarged prostate) and SheNiTing for overactive bladder syndrome.
“GSK will gain access to this portfolio of products, as well as MeiRui’s established sales and marketing platform,” GSK says in a statement.
MeiRui also has a manufacturing facility in Nanjing City, Jiangsu Province. The deal is expected to go through this month, subject to regulatory approval.
MeiRui is in effect the Chinese arm of Pagoda Pharmaceuticals, a private company registered in the British Virgin Islands.
Ninety per cent of the share capital of MeiRui is currently owned by Pagoda, with the remaining 10% by Allergon AB Nanjing MeiRui Pharma Co. GSK will buy it all in a cash offer.
Founded as a joint venture in March 1996, MeiRui was set up to market pollen extract-derived products from Swedish pharma company Allergon, then a division of Pharmacia.
The three partners involved were US company Cal-Nan Horizon Quest, Pharmacia Allergon and China’s Nanjing Medical Co.
Prostat was sold by Allergon under the name Poltit in Europe and is also indicated for prostatitis (inflammation of the prostate).
GSK’s investment in China already stands at $400 million, with five manufacturing sites, three of which are joint ventures. It has offices in Shanghai, Beijing and Hong Kong and employs around 5,000 local staff.
Divisions include prescription medicines, vaccines, OTC medicines and consumer healthcare. Last year it entered a joint venture with Shenzhen Neptunus Interlong Bio-Technique Co to develop influenza vaccines.
Adam Hill
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