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GlaxoSmithKline?s sale of its thrombosis brands is part of a focus on its late-stage pipeline.
GlaxoSmithKline announced it has reached agreement to sell its thrombosis brands, Arixtra and Fraxiparine, and the Notre-Dame de Bondeville (NDB) manufacturing site in France to The Aspen Group, a South African pharmaceuticals company. The sale price is $1.14 (£0.7) billion in cash, of which $0.16 (£0.1) billion relates to inventory. The agreement is a further example of GSK’s commitment to increase focus on products with the most growth potential and the delivery of its late-stage pipeline.
Aspen will acquire global rights to the Arixtra and Fraxiparine brands (excluding China, India, and Pakistan) and certain dedicated commercial employees, along with the related NDB manufacturing site and the majority of employees at NDB in France. In Indonesia, GSK will continue to distribute and market the brands under license from Aspen. Subject to regulatory approvals, it is expected that the majority of commercial operations will transfer to Aspen by the end of the year with the remainder, along with the NDB site, to follow in the first half of 2014. Total sales of these products in the territories subject to this transaction were more than $287 (£177) million in the first half of 2013.
“Arixtra and Fraxiparine are established products that have consistently delivered strong revenues,” said David Redfern, chief strategy officer for GSK, in the press release. “However, our focus is on delivering an unprecedented late-stage pipeline and preparing for the launch of approved medicines. Aspen is a long-term partner of GSK and will be able to dedicate the resources that these products deserve to take them forward. Importantly, we are pleased to be able to preserve the vast majority of jobs through this agreement.” GSK already has an 18.6% holding in Aspen, a leading generics manufacturer in the southern hemisphere and Africa’s largest pharmaceutical manufacturer.