SSEK Advises GSK on Indonesian Transaction


SSEK has advised GlaxoSmithKline (GSK) on a three-part deal that sees the pharmaceutical company take full control of its Indonesian Consumer Healthcare business, while divesting a non-core brand and a manufacturing facility in the country.

GSK Consumer Healthcare paid 465 billion Rupiah ($40.7 million) to Sarasvati Venture Capital for the 30% of the Indonesian Consumer Healthcare business it did not previously own.

GSK also divested its Insto™ eye drops brand to Pharma Healthcare and agreed to divest its manufacturing site at Bogor to PT Pharma Healthcare for a combined total of 133 billion Rupiah ($11.7 million). The Bogor manufacturing site will transfer to PT Pharma Healthcare in 2015.

David Redfern, GSK’s chief strategy officer, said: “This transaction is a further example of GSK focusing its business in strategically important growth markets such as Indonesia. It will also simplify operations in the Indonesian business.”

According to a press release on the GSK website, GSK’s Indonesian Consumer Healthcare business sells brands such as Panadol™, Sensodyne™ and Scotts™, and is an important emerging markets business for GSK. It has seen significant growth over the last five years, with net sales reaching close to $84 million in 2013, compared to around $27 million in 2008.

Founding partner Ira A. Eddymurthy led the SSEK team advising on the deal.

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