UK pharma giant GlaxoSmithKline (LSE:GSK) says it has now reached agreement to sell its thrombosis brands, Arixtra (fondaparinux sodium) and Fraxiparine (nadroparin), and the Notre-Dame de Bondeville (NDB), France, manufacturing site to South Africa’s leading drugmaker Aspen Pharmacare (JSE: APN), for £700 million ($1.13 billion) in cash, of which £100 million relates to inventory.
Earlier this year, GSK received an offer for its thrombosis brands and the NDB site from Aspen, when a period of exclusivity was agreed for GSK to respond (The Pharma Letter June 19). Back in 2009, GSK acquired a 16% stake in Aspen (later increased to 18.6%), which also gave the latter rights to distribute certain GSK products in its domestic market (TPL May 13, 2009).
The net cash proceeds from the transaction after tax and transaction costs are expected to be around £600 million. The proceeds will be used for general corporate purposes. The net profit on disposal will be excluded from core operating profit and core earnings per share in 2013.
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