THE WHAT? LG Household & Health Care has completed its deal to purchase the licence for GlaxoSmithKline’s Physiogel in Asia and the U.S.
THE DETAILS The 190 billion won ($155 million) acquisition will help LG Household & Health Care expand its reach in global markets, with the company set to market the brand in the U.S., China and Japan.
LG Household & Health Care is also looking to purchase the rights for Turkey, Georgia, Armenia and Azerbaijan.
THE WHY? The company is aiming to develop its reach in the derma cosmetics category with the Physiogel purchase, which will strengthen its portfolio further following the acquisition of the CNP brand in 2014.
According to BusinessKorea, the company is looking to launch various new Physiogel products due to its large recognition in Korea.