GlaxoSmithKline plans to spend more than $1 billion to raise stakes in its Indian and Nigerian consumer healthcare arms, as Britain’s biggest drugmaker deepens its emerging markets and non-prescription consumer health footprint.

The deals are the latest of several by GSK, which is reducing its reliance on prescription drug markets in Western economies where sales are slowing.

GSK said it would buy up to an additional 31.8 per cent stake in India’s GlaxoSmithKline Consumer Healthcare Ltd for about $940 million by paying 3,900 rupees per share in an open offer. The price was a premium of 28 per cent to the stock’s Friday close. GSK said it plans to raise the stake in its Nigerian consumer products unit, GlaxoSmithKline Consumer Nigeria, to 80 per cent from 46.4 per cent now in a $98 million deal. – (Reuters)