GSK confirms closure of agreement to divest non-core assets to Aspen

AFRICA – 03 January 2017 – GlaxoSmithKline today announced the closure of one of its series of agreements with Aspen Pharmacare Holdings Limited (JSE: APN) and certain of its subsidiaries (“Aspen”), which were the subject of announcements by both companies on 12 September 2016.

GSK and Aspen have terminated their collaboration in Sub-Saharan Africa and Aspen has exercised its option to acquire GSK’s remaining thrombosis business in certain retained markets. The collaboration between GSK and Aspen in South Africa remains in place.

This transaction is aligned with GSK’s strategy of simplification through focusing on core therapeutic areas.

  • Both parties will continue to commercialise their own respective portfolios in SSA.
  • In 2013, GSK divested its thrombosis portfolio to Aspen, but retained ownership of the franchise in certain territories. These ‘Retained Markets’ are defined as China including Hong Kong and Macau, India and Pakistan. Aspen has now exercised the existing option to acquire the Retained Markets.
  • The net impact of the termination of the SSA collaboration and divestment of the thrombosis portfolio in the Retained Markets is not material to GSK.

As announced in September, GSK has also agreed to divest its anaesthesia portfolio, consisting of Ultiva, Nimbex, Tracrium, Mivacron and Anectine to Aspen in all countries (excluding US and Canada, which had been previously divested) for an upfront payment of £180m plus milestone payments of up to £100m. This deal is subject to anti-trust and regulatory clearances.

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Cautionary statement regarding forward-looking statements
GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 3.D ‘Risk factors’ in the Company’s Annual Report on Form 20-F for 2015.

SOURCE: GlaxoSmithKline