GlaxoSmithKline has announced the £172 million cash sale of 25 of its products in Australia to South African company Aspen.
The British pharmaceutical company is divesting the majority of its ‘classic brands’, including antibiotic Amoxil and herpes treatment Valtrex, to Aspen, an associate of GSK.
According to GSK, these brands generated total sales of £31m in the first half of 2012, but revenues have gradually declined due to local market price reductions and generic competition.
In its 16 August statement, GSK said the net cash proceeds are expected to be around £155m, and that net profit in 2012 is estimated at £121m post-tax.