British pharmaceutical company GlaxoSmithKline (GSK) has announced plans to stop producing prescription drugs and vaccines in Nigeria after 51 years of business there.
The international pharmaceutical business announced it would switch to a third-party direct distribution approach for its pharmaceutical products in a statement to the Nigerian Exchange Limited.
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.
Incorporated in Nigeria in June 1971, GlaxoSmithKline opened for operation the following year.
When it was founded, the worldwide pharmaceutical firm went by the name Beecham and is well-known for its products.