Tuesday, October 3, 2023
HomeHeadlinesGSK Pulls-Out from Nigeria after 51 years of operations

GSK Pulls-Out from Nigeria after 51 years of operations

GSK Pulls-Out from Nigeria after 51 years of operations

GSK Pulls-Out from Nigeria after 51 years of operations

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GlaxoSmithKline (GSK), a British multinational pharmaceutical and biotechnology company has announced plans to exit Nigeria, after 51 years of operation in Nigeria.

“In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products,” GSK Nigeria Plc said.

The company said its board is conscious that shareholders will have many questions; “We have been working assiduously with our professional advisors to agree on the next steps and we will be shortly submitting to the Securities and Exchange Commission (SEC) a draft Scheme of Arrangement which may if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.”

“The Board acknowledges the support of the GSK Group in its intentions to make this possible, full details of which we hope to publish shortly. In the meantime, however, we cannot assure you of the final terms of any scheme, or that any scheme will be approved by the SEC or by shareholders,” GSK said.

It added, “Shareholders are advised to seek professional advice and continue to exercise caution when dealing in the company’s shares until a further announcement is made.”

GlaxoSmithKline Consumer Nigeria Plc was incorporated in Nigeria on 23rd June 1971 and commenced business on 1st July 1972, under the name Beecham Limited. Its Head office is located at 1 Industrial Avenue, Ilupeju, Lagos.

The Company was quoted on the Nigerian Stock Exchange in 1977. In 1982, to expand our operations in the country, an ultra-modern drinks factory was established in Agbara Industrial Estate, Ogun State, which has since been expanded to include facilities to manufacture Oral Healthcare (OHC) and Wellness products.

In line with our commitment to continuous improvement, we regularly update our facilities to meet the ever-increasing demands of our consumers.



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