British multinational drugmaker and biotechnology company GlaxoSmithKline Plc (GSK) said Thursday it is drawing the blinds on its Nigerian subsidiary after a “strategic intent” to consider other favourable business options.
GSK’s operations in Nigeria will no longer involve commercialising its prescription drugs and vaccines, meaning its activities in the country now entail the distribution of its pharmaceutical products through a third party only.
“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 company said in a note to the Nigerian Exchange.
The decision cuts GSK’s ties of more than half a century with Africa’s largest economy, where it commenced business in 1972 through its precursor, Beecham Limited.
