Panadol Manufacturer to end operations in Nigeria after 51 years

After 51 years in Nigeria, British pharmaceutical company GlaxoSmithKline (GSK) has announced plans to discontinue prescription medications and vaccines.

The international pharmaceutical business indicated in a statement to the Nigerian Exchange Limited that it will shift 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.

GlaxoSmithKiline (GSK) 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.