Business Model: GlaxoSmithKline set to end operations in Nigeria

*British pharmaceutical giant GlaxoSmithKline (GSK) plans to end prescription medicines and vaccines in Nigeria, and submit a scheme of arrangements to the country’s Securities and Exchange Commission for the possible return of cash to company’s local shareholders

Isola Moses | ConsumerConnect

The British pharmaceutical giant GlaxoSmithKline (GSK) has announced plans to discontinue its prescription medicines and vaccines in Nigeria after 51 years.

ConsumerConnect reports

GlaxoSmithKline was incorporated in Nigeria June 1971 and commenced business  operations the following year.

The multinational pharmaceutical company, in a statement to the Nigerian Exchange (NGX) Limited, disclosed it would transition to a third-party direct distribution model for its pharmaceutical products.

GlaxoSmithKline said it would be working with its advisers to agree on the next lines of action.

It further stated plans to submit a scheme of arrangements to the country’s Securities and Exchange Commission (SEC) for the possible return of cash to its local shareholders.

GlaxoSmithKiline was incorporated in Nigeria in June 1971 and commenced business the following year.

The multinational pharmaceutical company, initially known as Beecham at its incorporation in the West African country, is well-known for products, including Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among other products.