GlaxoSmithKline (GSK) has announced an agreement with Aspen Global to divest majority of Classic Brands, including 25 non-promoted and genericised products in Australia for approximately £172m in cash.
The divested brands include Valtrex, Lamictal, Timentin, Amoxil and Aropax whose total sales were approximately £83m in 2011 and approximately £31m in the first half of 2012.
The company anticipates that the divestment will complete in Q4 2012, subject to regulatory approvals.
The net cash proceeds from the transaction are expected to be approximately £155m. Net profit on the disposal in 2012 is estimated to be approximately £131m (pre-tax), £121m (post-tax) and will be recorded as a non-core item.
Aspen Global is a subsidiary of Aspen Pharmacare Holdings, a supplier of branded and generic pharmaceuticals in approximately 100 countries across the globe and of consumer and nutritional products in selected territories.
