GlaxoSmithKline (GSK) Consumer Nigeria Plc has announced its plans to shut down its operations in the country after about 51 years since it began business in Nigeria in 1972. This was made known in a press statement issued on Thursday and signed by the Company’s Secretary, Frederick Ichekwai and addressed to the Nigeria Exchange Limited (NGX).
The statement reads in part, “In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria Plc of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”
The British pharmaceutical company introduced a broad-range of products to the Nigerian market such as Panadol, Andrews Liver Salt, Augmentin, Ribena, Macleans, Sensodyne, amongst other products.
Addressing its responsibility to shareholders, the statement added that the “Board is conscious that shareholders will have many questions; we have been working assiduously with our professional advisors to agree on the next steps and we will be shortly submitting to the Securities and Exchange Commission (SEC), a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.”
Regarding its employees, the company promised to “Treat fairly, respectfully and with care, meeting all applicable legal and consultation requirements.”
The Company however stated it would appoint a third-party distributor in Nigeria to supply its consumer healthcare products.
