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Covington Advises GSK on $253M Acquisition of Laboratorios Phoenix

June 14, 2010

NEW YORK, June 14, 2010 — GlaxoSmithKline (GSK) plc has announced its acquisition of Laboratorios Phoenix S.A.C.yF., a leading Argentine pharmaceuticals business, for approximately $253 million. Covington & Burling LLP advised GSK on the deal.

By acquiring Phoenix, GSK gains access to a broad portfolio of branded generic pharmaceutical products, as well as a manufacturing facility near Buenos Aires and Phoenix's established primary care salesforce. In addition, GSK acquires an extensive local pipeline of branded generics and product development capability in Argentina. GSK Argentina and Phoenix will stay as two separate legal entities. Combined, GSK Argentina and Phoenix would rank third in the Argentine pharmaceutical market.

GSK is one of the world’s leading research-based pharmaceutical and healthcare companies. Phoenix is focused on the development, manufacturing, marketing and sale of branded generic products.

The New York-based Covington corporate team was led by partner Rubén Kraiem, with associate Brooke Purcell. Also advising on intellectual property aspects of the transaction were partner Nigel Howard and associate Christopher Beals. Allende & Brea were Argentine counsel to GSK.

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