GlaxoSmithKline is to buy a Chinese urology and allergy treatments specialist as it continues its drive to gain market share in emerging economies.
Britain's biggest drug maker said on Tuesday it was to buy Nanjing MeiRui Pharma for about $70m (£44m) in a deal which fits with Glaxo's strategy of adding growth through bolt-on acquisitions.
Glaxo said it will gain access to the Chinese company's products, as well as its sales and marketing staff and a manufacturing plant in Nanjing City. The deal is expected to be completed by the end of the month, pending regulatory approval.
Like other large pharmaceutical players, Glaxo is battling to gain share in one of the world's fastest-growing markets. According to IMS Health, China is likely to be the world's second-biggest pharmaceutical market by 2015, with sales expected to grow 25pc next year to $50bn.Â
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