GlaxoSmithKline will pay $210m (£120m) to acquire the “mature” off-patent drugs business of Bristol-Myers Squibb in Egypt, in a move to strengthen its position in the developing world.

The acquisition is one of the first deals co-ordinated by Abbas Hussain – hired by Andrew Witty, GSK’s new chief executive, this spring to a top level position in charge of emerging markets – and will give the UK-based pharmaceuticals company the largest market position in Egypt, at about 9 per cent.