As several buyers pursue GlaxoSmithKline’s Indian consumer products business, the drugmaker has shortlisted Nestlé, Unilever and Coca-Cola for a second round of bidding, the Economic Times reports, citing people familiar with the discussions.
The business, which includes the drinks brand Horlicks, could fetch up to $4 billion, analysts have said. ET reported that the shortlisted companies are set to continue negotiations with GSK next week in London.
Other companies that reportedly shopped the deal include Kellogg, Mondelez, Danone, Reckitt Benckiser, PepsiCo and private equity firm KKR. The Telegraph last month reported Coca-Cola was preparing a multibillion-pound offer.
GSK in March said it was reviewing options for its 72.5% share of GlaxoSmithKline Consumer Healthcare Ltd., a public company listed on India’s exchanges. The sale would generate cash after GSK agreed to pay $13 billion for Novartis’ share in the two pharma giants’ consumer healthcare joint venture.
Despite its ongoing consumer sale process in India, GSK has stressed that it’s not backing away from the Indian market altogether. The drugmaker plans to back OTC and oral health brands in the country as well as invest in prescription drugs and vaccines, executives have said.
Meanwhile, in the U.S., GSK is cutting 650 jobs to reduce its cost base and reinvest the savings into new launches and R&D.
By: Eric Sagomowsky
Source: Fierce Pharma
Ferrero North America has opened its new Kinder Bueno production facility in Bloomington, Illinois, US. The expansion, which is the result of a $214 million investment, was first announced in November 2022 and has created around 200 new jobs and is set to drive Ferrero’s market expansion.
Chiquita Brands – in collaboration with KeyGene, MusaRadix and Wageningen University and Research – has unveiled a new banana hybrid named ‘Yelloway One’. This variety is engineered to resist Tropical Race 4 (TR4) and show partial resistance to Black Sigatoka, two fungal diseases that pose severe threats to global banana production.
PepsiCo is planning to acquire packaged food business Siete Foods in a US$1.2 billion deal to “bring a rich, new aspect” to its portfolio. The move will add Mexican-American foods like tortillas, salsas, seasonings, sauces, cookies and snacks to PepsiCo’s range of products.
