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Home Industry News GlaxoSmithKline sells stake in Aspen

GlaxoSmithKline sells stake in Aspen

16th March 2015

GlaxoSmithKline (GSK) has announced that it will be selling off its minority stake in South African pharmaceutical firm Aspen, for a sum in the region of $853 million (576 million pounds).

GSK owns a 12.4 per cent stake in Aspen, but it will be putting around half of this share up for sale in an attempt to release some cash, after it recently reported a significant fall in sales in relation to its respiratory portfolio.

The stake will be advertised to institutional investors, who will be able to purchase shares in the South African drugmaker.

Chief financial officer at GSK Simon Dingemans explained: "We have decided now is the right time to realise further value from this successful relationship.

"We continue to believe in the strategy of Aspen and we remain committed to working together in the future."

In another attempt to reorganise its structure following disappointing financial results, GSK has just finalised a deal with Novartis, which has seen the former sell its oncology arm in exchange for the latter's vaccines business.ADNFCR-8000103-ID-801779739-ADNFCR

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