GlaxoSmithKline (GSK) Nigeria PLC says it plans to cease operations after evaluating the options for moving to a third party distribution model for its pharmaceutical products. The company announced the development in a statement sent to the Nigeria Exchange limited (NGX) on Thursday and signed by the company secretary Frederick Ichekwai.

The company employs over 290 people and is working with advisers to agree on the next steps and plans to submit scheme that will see it return cash to shareholders except its parent company GSK UK. The company intend to cease commercialization of its prescription medicines and vaccines in Nigeria. It also intends to terminate its distribution agreement in the coming months and to appoint a third party distributor for the supply of its consumer healthcare products. Part of the statement says ‘’for the above reason, and having, together with GSK UK, evaluated various other options, the board of GlaxoSmithKline Consumer Nigeria PLC has concluded that there is no alternative but cease operations.’’…

The company says that they are working assiduously with professional advisors to agree on the next steps to take after submitting a draft scheme of arrangement to the Securities and Exchange Commission (SEC) so that shareholders would receive an accelerated cash distribution and return of capital. This is subject to approval by SEC.  

GSK company products are Augmentin, Neosporin, Panadol, Sesodyne, Advair, Ventolin, Theraflu and many others. lik Advil, Centrum.  

credits: thecable.ng

other products of GSK are Centrum and Advil and have stepped up to develop treatments for COVID 19. it has vaccines to protect people from meningitis, shingles, flu, polio, measles and many more. More than one and a half million doses of their vaccines are administered daily and around 40% of the world’s children receive a GSK jab each year.

credits www.drugwatch.com