Panadol Manufacturer, GSK, To End Operations In Nigeria After 51 Years

Panadol Manufacturer, GSK, To End Operations In Nigeria After 51 Years

After operating in Nigeria for 51 years, the British pharmaceutical giant GlaxoSmithKline (GSK) has announced its intention to discontinue the sale of prescription medicines and vaccines in the country. Instead, the company plans to adopt a third-party direct distribution model for its pharmaceutical products.

In a statement released to the Nigerian Exchange Limited, the multinational pharmaceutical company stated that it is currently working with its advisors to determine the next course of action.

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It also revealed its intention to submit a scheme of arrangements to the Securities and Exchange Commission in order to explore the possibility of returning cash to its local shareholders.

GlaxoSmithKline, which was initially incorporated as Beecham in June 1971 and started operations the following year, is renowned for its products such as Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among others.