GSK sells Australian drugs to Aspen Pharmacare
GlaxoSmithKline has reached an agreement to divest the majority of its “Classic Brands” (25 non-promoted and genericised) in Australia, for approximately £172 million in cash, to South Africa-based pharmaceutical company, Aspen Pharmacare.
The 25 divested brands include herpes treatment Valtrex (valacyclovir), epilepsy drug Lamictal (lamotrigine), the penicillin antibiotic Amoxil (amoxicillin) and antidepressant drug Aropax (paroxetine). Together these brands generated total sales of around £83 million in 2011, and approximately £31 million in the first half of 2012. Due to local market price reductions and generic competition, revenues for these products have gradually declined over recent years.
It’s expected the divestment will complete in Q4 2012, subject to regulatory approvals.
Aspen Agrees to Buy Glaxo Products for 2.2 Billion Rand (Bloomberg Businessweek)
GSK sells Australian drugs to Aspen Pharmacare for $270 million (The Economic Times)