GlaxoSmithKline Consumer Nigeria Plc has announced its intention to cease operations in the country. The multinational company, which focuses on marketing and distributing consumer healthcare and pharmaceutical products, stated that its parent company, GSK Plc UK, has revealed plans to discontinue the commercialization of prescription medicines and vaccines through its Nigerian subsidiary.
The company’s statement detailed, “In our Q2 financial results, we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to stop commercializing prescription medicines and vaccines in Nigeria through the local GSK operating companies. Instead, it aims to transition to a third-party direct distribution model for its pharmaceutical products.”
The company assured that it would communicate with its employees, committing to treat them fairly and respectfully while adhering to all legal and consultation requirements.
Addressing shareholders’ concerns, the statement noted ongoing efforts with professional advisors to determine the subsequent steps. It announced the forthcoming submission of a draft Scheme of Arrangement to the Securities and Exchange Commission. If approved, this arrangement could lead to a swift cash distribution and capital return for shareholders other than GSK UK.
