Haleon Increases Stake in China JV to 88% for GBP500 Million
By Helena Smolak
Haleon increased its stake in Chinese joint venture Tianjin TSKF Pharmaceuticals to 88% in a deal valued at 500 million pounds ($670.8 million) to expand its operational and strategic flexibility in one of its key markets.
The British consumer healthcare company said Friday that it bought 33% additional equity interest in the Chinese pharma company, lifting its stake to 88% from 55% previously.
Haleon aims to fund the deal through existing cash resources and third-party renminbi-denominated debt, and expects its finalization by the end of the year, it said.
TSKF--which makes Fenbid, Voltaren and Bactroban--accounted for 40% of Haleon's revenue in China last year. It is jointly owned by Haleon and the Chinese pharma company Tianjin Pharmaceutical Da Ren Tang Group Corp., which currently holds the remaining 12% stake in TSKF.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
September 27, 2024 05:47 ET (09:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk
United States