GlaxoSmithKline in Purchase of Pharmaceutical Assets

October 31, 2008

Cleary Gottlieb represented GlaxoSmithKline plc, jointly with Slaughter and May, in GSK's $210 million acquisition of certain pharmaceutical assets of the Bristol-Myers Squibb Company in Egypt. The transaction closed on October 31.

GlaxoSmithKline plc is a major global healthcare company engaged in the creation, discovery, development, manufacture and marketing of pharmaceutical and consumer health-related products. The acquired assets include the drug-manufacturing facilities, inventory and intellectual property rights of Bristol-Myers for 20 branded products that occupy leading market positions in four therapeutic disease areas, including antibiotics, ACE inhibitors, iron supplements and topical steroids. The acquisition will make GSK the leading pharmaceutical company in Egypt, with a market share of approximately 9%, and will significantly reinforce and expand GSK's market position in the broader Middle Eastern region.