After 51 years of operation in Nigeria, British pharmaceutical company GlaxoSmithKline (GSK) has announced plans to discontinue prescription medications and vaccines.
The international pharmaceutical business indicated in a statement to the Nigerian Exchange Limited that it will shift to a third-party direct distribution model for its pharmaceutical products.
It also stated that it is currently working with its advisers to determine the next steps, and that it intends to file a scheme of arrangements with the Securities and Exchange Commission for the prospective repatriation of cash to its local shareholders.
GlaxoSmithKiline was founded in Nigeria in June 1971 and began operations the following year.
The international pharmaceutical company, which was founded as Beecham, is well-known for supplies such as Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among others.
