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GSK signs product deal with Aspen

GlaxoSmithKline has announced that it is selling four products - Eltroxin, Lanoxin, Imuran and Zyloric - to a subsidiary of South African-based pharmaceuticals group, Aspen Global, for a cash consideration of £170m
GlaxoSmithKline (GSK) has announced that it is selling four products - Eltroxin, Lanoxin, Imuran and Zyloric - to a subsidiary of South African-based pharmaceuticals group, Aspen Global, for a cash consideration of £170m.

Aspen will take ownership of the four products, which require specialised manufacturing, in all major markets outside the US, except for rights to Zyloric in Japan. Total sales for all four branded medicines, which largely no longer hold patent protection, were around £80m in 2007 in the markets concerned with the agreement.

"We are actively seeking out opportunities to divest products which can be efficiently commercialised by other parties," said Andrew Witty, CEO of GSK. "Aspen is a well-respected and fast-growing pharmaceuticals group with an extensive branded generic portfolio and pipeline."

GSK plans to continue manufacturing the four drugs for Aspen during a period of transition. It is after this period that Aspen will take full responsibility for producing the medications. GSK will record the agreement and transaction with Aspen in the quarter ending June 30, 2008.

2nd July 2008

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