After 51 years of business in Nigeria, The British pharmaceutical company GlaxoSmithKline (GSK) has announced plans to stop producing prescription drugs and vaccines in Nigeria.
In a statement to the Nigerian Exchange Limited, the international pharmaceutical business announced it would switch to a third-party direct distribution approach for its pharmaceutical products.
GlaxoSmithKline opened for operation the following year after incorporated in Nigeria in June 1971.
The firm also stated that it is currently coordinating the following measures with its advisors and that it intends to submit a scheme of arrangements to the Securities and Exchange Commission in order to potentially return cash to its regional shareholders.
The worldwide pharmaceutical firm went by the name Beecham when it was founded and is well-known for its products.