GlaxoSmithKline (GSK.NYSE, GSK.LSE) is close to finalizing a deal to acquire Chinese drug firm Nanjing MeiRuiPharma, which could increase its exposure in China’s rapidly-growing market, the Wall Street Journal reported. Details of the potential agreement have not been released, though it is likely valued in the low hundreds of millions of dollars and could be announced this month. Nanjing MeiRui has a foothold in China’s urology business, which could help Glaxo promote its urology drug, Avodart, in the country. Avodart treats benign prostatic hyperplasia, the ailment commonly known as enlarged prostate. The deal highlights how global pharmaceutical companies are facing flat negative sales trends in the US and Europe, forcing them to look to emerging markets for growth.
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