Panadol manufacturer GSK to exit Nigeria after 51 years of operations
Panadol manufacturer GSK to exit Nigeria after 51 years of operations
GlaxoSmithKline (GSK), the renowned British pharmaceutical company, has revealed its decision to cease operations in Nigeria after a successful presence of 51 years.
The company plans to discontinue its prescription medicines and vaccines in the country, transitioning to a third-party direct distribution model for their pharmaceutical products.
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In a statement sent to the Nigerian Exchange Limited, GSK stated that it is currently in discussions with its advisors to determine the appropriate course of action.
Additionally, the company intends to submit a scheme of arrangements to the Securities and Exchange Commission, potentially facilitating the return of cash to its local shareholders.
GSK, initially incorporated in Nigeria as Beecham in June 1971, began its operations the following year. Over the decades, the multinational pharmaceutical company has gained recognition for its renowned products such as Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among others.