* Brands sold had 2011 sales of 60 mln stg
* GSK says still intends to sell weight-loss drug Alli
LONDON, April 20 (Reuters) – GlaxoSmithKline has
agreed to sell a clutch of international over-the-counter
healthcare brands for 164 million pounds ($263 million) to South
Africa’s Aspen Pharmacare, Britain’s biggest drugmaker
said on Friday.
Net cash proceeds from the transaction are expected to be
approximately 135 million pounds and will be returned to
shareholders during 2012.
The sale is the latest move by GSK to fine-tune its consumer
healthcare business and follows the divestment of other
over-the-counter (OTC) brands in North America and Europe.
The brands being sold generated sales of around 60 million
pounds in 2011. They include the painkiller Solpadeine and
anti-stomach acid drug Zantac.
The net profit realised on the disposal in 2012 – after
deducting transaction costs and a profit deferral of some 25
million pre-tax because Aspen is a GSK associate – is expected
to be 105 million before tax, or 90 million after tax.
GSK added it continued to plan to sell its OTC weight-loss
pill Alli. This process has been delayed due to supply problems
at a Roche factory in the United States.
The Swiss company manufactures the active ingredient,
orlistat, which is also the active substance in Roche’s
prescription-only drug Xenical. Alli is a low-dose version of
Xenical.
GSK first announced in February 2011 that it planned to
dispose of non-core brands sold primarily in North America and
Europe and representing about 10 percent of its consumer health
portfolio, in order to focus on priority brands and emerging
markets.
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