NEW YORK (AP) — GlaxoSmithKline PLC said Thursday it bought Bristol-Myers Squibb Co.'s branded generic business in Lebanon, Jordan, Syria, Libya and Yemen for about $23.2 million in cash.
The portfolio of products includes 13 drugs, with combined annual sales of $11.8 million in 2008. GlaxoSmithKline had revenue of $36.26 billion in 2008.
"This purchase is another step forward in GlaxoSmithKline's strategy to accelerate growth in emerging markets and signals a strong commitment to provide quality medicines to patients in the Middle East and North Africa," the company said in a statement.
The company said the move is part of an ongoing push into emerging markets. It previously bought similar products from Bristol-Myers in Pakistan and Egypt.
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Shares of U.K.-based GlaxoSmithKline fell $1.19, or 3.3 percent, to close at $34.85 in a broadly lower market while shares of New York-based Bristol-Myers fell 47 cents, or 2.3 percent, to close at $19.77.