Thu, 27 Oct 2011 | DIVISION SALE
GlaxoSmithKline is planning to sell a swathe of consumer health product lines by the end of this year with a combined value of £700 million.
Advisers to the sale have been brought in and are said to be in discussion about the process. Brands for sale are those considered to be non-core by the group, and include the weight loss drug Alli.
The products generate £500 million per year in sales, and GSK aims to sell the lines for more than three times this amount.
The valuation figure of £700 million takes into account the costs of acquisition and the marketing funds spent to increase sales. Any additional amount above this that may be achieved in the sale would be treated as profits.
To satisfy investors’ demands for returns, GSK increased its planned level of share buy-backs for this year to £2.3 billion.
Separately it has been reported that GSK performed strongly in the third quarter. Group revenues were up by 3 per cent to £7.1 billion. The diabetes drug Avandia, herpes drug Valtrex and pandemic products had dragged on its sales, but this has lessened more recently.
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