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GlaxoSmithKline increases stake in Saudi Arabia unit

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GlaxoSmithKline increases stake in Saudi Arabia unit

GlaxoSmithKline plc increased its stake in Glaxo Saudi Arabia Ltd. to 75% from 49%, Reuters reported.

The U.K.-based drugmaker raised its stake in its Saudi unit to benefit from Saudi Arabia's plan to boost local manufacturing of pharmaceutical products.

Further, the company also plans to inject over £180 million in its operations in the country over the next three years and expand production at its Jeddah, Saudi Arabia, manufacturing site by 30%.

The company said 80% of its portfolio is locally manufactured in Jeddah.