GSK sheds drug brands in multi-million euro deal
UK pharmaceutical firm GlaxoSmithKline has agreed to sell 15 of its drug brands.
The deal, which is with German firm Stada and is reportedly worth €300m (£250m), though neither company would comment on the exact price, according to Reuters.
The brands purchased under the deal include treatments for sore throats, allergy relief and vitamin C supplements and are mainly sold in Europe.
“Under our ownership, we believe there is an excellent opportunity to revitalise and grow these consumer healthcare brands,” Stada boss Peter Goldschmidt said.
Stada, backed by two private equity firms, has been pursuing a strategy of striking production and development deals with partners.
This is instead of buying companies outright.
GSK has also embarked on a restructuring by separating its prescriptions and vaccines business from the over-the-counter section.
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“This divestment signals the good progress we are making towards our target,” a GSK spokesman said.
In December 2018, GSK agreed a deal with US rival Pfizer combine their over-the-counter product units.
The divestment forms part of this wider strategy to focus on larger, cross border, markets.
Stada also purchased a further six brands from GSK last year for an undisclosed price.
This was in addition to the £463m Stada paid for the over-the-counter and prescription drugs unit from Japan’s largest drugmaker Takeda in November last year.
GSK also sold two travel vaccines to Bavarian Nordic for up to £796m in October last year.