After over half a century in Nigeria, GlaxoSmithKline closes shop
By our reporter
After over 50 years’ presence in Nigeria, British pharmaceutical giant, GlaxoSmithKline Plc (GSK) yesterday said it was withdrawing its known line of business from the country.
The firm cited what it described as a “strategic intent” to explore other favourable business options.
In a note to the Nigerian Stock Exchange (NSE), the pharmaceutical company expressed its intention to quit commercial sale of its prescription drugs and vaccines.
Part of the note read: “The Haleon Group has also separately informed the Board of its intent to terminate its distribution agreement in the coming months and to appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products.”
The Haleon Group, according to a search on wikipedia, is ”a British multinational consumer healthcare company with headquarters in Weybridge, England.
It is one of the largest consumer healthcare business in the world, with brands including Sensodyne toothpaste, Panadol and Advil painkillers and Centrum vitamins.
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The company is a global leader in over-the-counter medicines with a 7.3 percent market share.”
GSK kicked off business in Nigeria in 1972 under the name Beecham Limited. Between both firms’ partnership, consumers have enjoyed some top brands such as Lucozade, Macleans, Ribena and others.
The company added: “Today we are briefing our employees whom we will treat fairly, respectfully and with care, meeting all applicable legal and consultation requirements.”
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