Britain-based GlaxoSmithKline Plc has agreed to buy Maxinutrition Group Holdings Ltd, a UK-based manufacturer of protein-enhanced nutritional products, for $255 million in cash. Glaxo will purchase all of the shares of Maxinutrition from London-based Darwin Private Equity LLP to complement its Lucozade sports drinks franchise.
Glaxo plans to market Maxinutrition’s brands, including the Maximuscle supplements sold through specialty stores, supermarkets and fitness chains, outside of the UK and Europe. The drugmaker is acquiring or buying stakes in companies in emerging markets and makers of consumer products as it seeks to reduce dependence on brand-name medicines.
“This deal will give GSK a strong presence in the fast developing protein-based sports nutrition market, appealing across a broad spectrum of consumers from elite athletes to sports participants and those seeking additional nutritional supplementation,” says John Clarke, President (Consumer health-care business), GlaxoSmithKline, London.
Posted on: 24.12.2010
Source: www.economictimes.com
