GlaxoSmithKline agrees latest OTC brand sale

GlaxoSmithKline has provided an update on its strategy of selling off a number of non-core over-the-counter (OTC) brands, highlighting several recent deals it has been able to conclude.

The healthcare company has agreed a 391 million pound arrangement with Omega Pharma that will see the latter firm take control of brands such as Lactacyd, Abtei, Solpadeine, Zantac, Nytol and Beconase.

This transaction also encompasses the Herrenberg manufacturing site in Germany, which employs approximately 110 people, and follows the successful sale of a number of product lines to Prestige Brands Holdings in the US and Canada last December.

GlaxoSmithKline is selling off these brands in order to simplify its consumer portfolio, with discussions still ongoing over a number of additional product lines.

Simon Dingemans, GlaxoSmithKline's chief financial officer, said: "Given the continued economic challenges across the eurozone, I am pleased that we have been able to transact these assets at a good price for GlaxoSmithKline."

Earlier this month, Chemist and Druggist reported plans by the company to launch an innovative trial of a new chronic obstructive pulmonary disease via UK pharmacies.