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GlaxoSmithKline Seeking Acquisition in Turkey, Hurriyet Reports

Jan. 29 (Bloomberg) -- GlaxoSmithKline Plc, the U.K.’s largest drugmaker, is seeking an acquisition in Turkey as it struggles to become profitable in the country, Hurriyet said, citing the company’s emerging markets president.

Potential targets include producers of cardiovascular drugs or businesses with production facilities that would add value to Glaxo’s operations, Hurriyet cited Abbas Hussain as saying.

Glaxo has failed to make a profit or increase revenue in Turkey in the past three years as a result of the country’s drug pricing policy, which has caused the company to cut costs and refrain from adding staff, Abbas told the newspaper. The drugmaker remains upbeat on its prospects there, he said.

Glaxo is evaluating options and many companies in Turkey fit its criteria, though finding one that’s for sale is difficult, Hurriyet cited Abbas as saying.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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