logo
Share SHARE
FONT-SIZE Plus   Neg

GSK Inks Pact With Aspen POharmacare To Divest Its Non-core OTC Brands

GlaxoSmithKline Plc (GSK, 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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Women's specialty-clothing retailer J. Jill Inc. said it has launched an initial public offering of 11.67 million shares of its common stock. All shares are being sold by an existing stockholder and J. Jill will not receive any proceeds from the offering. Long queues at peak dining hours at Wendy's may be a history, as the company is planning to introduce automated self ordering kiosks at its more than 1000 retail locations by this year end. The automation will also help in cutting labor costs. Canadian music retail chain Sunrise Records said it plans to take over 70 retail spaces in Canada being vacated by HMV Canada, the industry's largest retailer. The new brick and mortar locations are in malls across Canada. However, Sunrise's expansion comes as people are increasingly shifting to streaming options for music and videos rather than buying tangible, touchable albums.
comments powered by Disqus
Follow RTT