Aspen Pharmacare acquires portfolio from GSK in Australia for £172 million
South Africa headquartered Aspen Pharmacare (APN: SJ) revealed this morning that it has reached agreement with UK pharma giant GlaxoSmithKline (LSE: GSK) for the acquisition of a portfolio of 25 established pharmaceutical products which are distributed in Australia. The Transaction consideration is £172 million ($290 million) based upon a completion date of October 31, 2012 and is subject to minor reduction should completion be delayed beyond this date. Aspen expects the Transaction to be earnings accretive in the year ending 30 June 2013.
Existing manufacturing arrangements for the Products will be assumed by Aspen Global. Aspen Global intends to appoint Aspen Australia to distribute the Products. The Transaction will be funded from new offshore debt facilities. Arrangements for the raising of the new debt have been settled, but remain subject to documentation being completed.
Products include well known brands
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