GlaxoSmithKline Sells Europe OTC Brands, Except Alli, to Omega Pharma NV
Published: Mar 15, 2012
GlaxoSmithKline has agreed to sell several over-the-counter healthcare brands in Europe to Belgium's Omega Pharma for 470 million euros ($612 million), while delaying the divestment of its weight-loss pill Alli. The decision to put the sale of Alli on hold follows an interruption in supplies from Roche, which makes the active ingredient for the product, a company spokeswoman said. Net cash proceeds from the sale to Omega are expected to be approximately 310 million pounds ($486 million), which will be returned to shareholders during 2012, GSK said on Thursday.