GlaxoSmithKline completes sale of remaining Aspen shares

GlaxoSmithKline (LSE: GSK) says it has completed an agreed to sale of 28.2 million ordinary shares, equivalent to 6.2% of Aspen’s ordinary share capital) in Aspen Pharmacare Holdings (JSE: APN) at a price of 300 rand per share, raising gross proceeds of approximately 8,470 million rand ($618 million).

Following settlement of the sale, GlaxoSmithKline will no longer hold any shares in Aspen, which is South Africa’s largest drugmaker.

The UK pharma major’s chief financial officer, Simon Dingemans, said: “GSK has had a long and successful partnership with Aspen and our investment in the company has grown in value significantly over time. This disposal completes a successful phased approach to realising that value which we can now deploy behind the Group’s priorities.”