GlaxoSmithKline eyes buyouts in India

British Pharma firm GlaxoSmithKline (GSK) today said it is looking for alliances and acquisitions in India to increase its foot print in the country.

"We are looking for acquisitions in India which are attractive to us. We are a very financially strong company," GlaxoSmithKline's Chief Executive Officer Andrew Witty told reporters after inaugurating the company's facility for manufacturing Albendazole--an anti-parasitic drug--here today.

India provided huge opportunities for both acquisitions and alliances for GSK, he said, while dedicating the Albendazole facility to the WHO's Global Programme to eliminate Lymphatic Filariasis (LF).

"We are strong financially, both globally and in India and will be looking at making deals, if we see something strong and like it," Witty said.

Alliances like the ones the company currently has with Dr Reddys Laboratories and Strides Arcolab for supplying generics are attractive bets in India, which do not need deployment of huge capital, he said.

"We are interested in such alliances, which aim at creating shareholder value without using much cash," he said.

"Alliances do not require a huge capital and we can use our capital for M&A deals in India," Witty said.