LONDON - Haleon plc (LSE/NYSE: LON:HLN), a global consumer health company, has completed the purchase of an additional 33% equity interest in Tianjin TSKF Pharmaceutical (TADAWUL:2070) Co. Ltd, a joint venture in China. The acquisition from partners Tianjin Pharmaceutical Group (TPG) and Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited (DRTG) was finalized after receiving the necessary shareholder and regulatory approvals.
The transaction, initially announced on September 27, 2024, involved Haleon acquiring the entire 20% equity interest from TPG and a 13% equity interest from DRTG, amounting to a total consideration of approximately RMB 4,465 million (circa £0.5 billion). This strategic move is expected to be accretive to Haleon's earnings per share (EPS).
Following the deal, Haleon also secured an option to buy, and DRTG obtained an option to sell, the remaining 12% shareholding in TSKF. The completion of the transaction comes after DRTG's shareholders granted approval at an extraordinary general meeting held on November 22, 2024.
TSKF, established in 1984, is a leading over-the-counter (OTC) pharmaceutical company in China, known for manufacturing and distributing products under Haleon's brands. These include well-known names in pain relief, respiratory health, and skin health, such as Fenbid, Contac, Bactroban, Voltaren, and Flixonase.
Haleon's portfolio encompasses major categories like oral health, pain relief, respiratory health, digestive health, and vitamins, minerals, and supplements (VMS). The company boasts a range of long-standing brands built on trusted science and innovation.
This strategic investment is part of Haleon's continued expansion in the Chinese market, one of the largest for consumer health products. The information regarding this acquisition is based on a press release statement issued by Haleon plc.
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