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http://www.bbj.hu/user/article.asp?ArticleID=167666

23rd Dec 2002

GlaxoSmithKline snaps up vaccine plant

by Ágnes Csonka

GlaxoSmithKline Biologicals Kft, the local affiliate of international pharmaceutical giant GlaxoSmithKline Plc, bought Humán Rt’s vaccine plant in Gödöllô, near Budapest, from Teva Pharmaceutical Industries Ltd., Israel’s largest drug company.
The buyer will invest a total of £10 million in the purchase and necessary upgrades. The plant will continue to produce vaccines as a unit of GlaxoSmithKline Biologicals.
The acquisition requires the approval of the Competition Office because of GlaxoSmithKline’s existing Hungarian subsidiary. A verdict is due in February 2003.
GlaxoSmithKline’s existing local subsidiary had sales of Ft 14 billion in 2001.
Humán produces medicines and wholesale drugs like antibiotics and vaccines for local use and exports.
Teva became the 80%-owner of Humán in 2001 by buying a 25% stake from the State Privatization and Holding Rt (ÁPV) for $8 million, having previously acquired Canadian drugmaker Novopharm, Humán’s former majority owner.
 

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