GlaxoSmithKline Plc (GSK: Quote, GSK.L) Friday announced that it has inked a pact with Aspen Pharmacare Holdings Limited to divest all of its non-core OTC brands in its international market to the latter for a total consideration of 164 million pounds in cash.
The company stated that the divestment of these non-core OTC brands is expected to be completed in the second quarter of 2012, subject to regulatory approvals.
The company revealed that the brands being divested include Phillips MOM, Solpadeine, Dequadin, Cartia and Zantac.
GlaxoSmithKline further added that it intends to receive net cash proceeds of approximately 135 million pounds from the transaction, and the same is proposed to be returned back to the shareholders.
by RTT Staff Writer
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