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After 51 years of operation in Nigeria, British pharmaceutical giant GlaxoSmithKline (GSK) has announced plans to end its prescription medicines and vaccines in the country.
In a statement sent to the Nigerian Exchange Limited, the multinational pharmaceutical company said it would transition to a third-party direct distribution model for its pharmaceutical products.
At the same time, the company said it is now working with its advisers to agree on the next steps, while it plans to submit a scheme of arrangements to the Securities and Exchange Commission for the possible return of cash to its local shareholders.
GlaxoSmithKline was incorporated in Nigeria in June 1971 and commenced business the following year.
The multinational pharmaceutical company, initially known as Beecham at its incorporation, is well-known for products like Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among other products.