GlaxoSmithKline (GSK) Consumer Nigeria Plc says it plans to stop cease operations after evaluating the options for moving to a third-party distribution model for its pharmaceutical products.
The company is well-known for its products such as Augmentin, Neosporin, Panadol. Sensodyne, Advair, Ventolin, Theraflu, among others.
GSK Nigeria said it is working with its advisers to agree on next steps and plans to submit a scheme of arrangement to the Securities and Exchange Commission , which if approved will see it return cash to shareholders except its parent company, GSK UK.The company assured that all necessary legal proceedings would be met as regards employees and shareholders.
“The Haleon Group has also separately informed the Board of its intent to terminate its distribution agreement in the coming months and to appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products.“For the above reasons, and having, together with GSK UK, evaluated various other options, the Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations.
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