GlaxoSmithKline to transfer rights to Iodex and Ostocalcium for Rs 16.5bn
GlaxoSmithKline Pharmaceuticals Limited said that it will transfer its rights pertaining to the Iodex pain relief and Ostocalcium brands to GlaxoSmithKline Asia Private Limited for INR 1,649 crores.
The deal, which will be subject to approval from shareholders, regulatory approvals, and customary closing conditions, is expected to be closed by the end of the year.
Sridhar Venkatesh – Managing Director of GlaxoSmithKline Pharmaceuticals Limited said: “As part of our parent GSK plc‘s new ambition to create two world class companies in Pharmaceuticals and Consumer Healthcare, we have decided to transfer our rights in relation to the lodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited.”
GlaxoSmithKline to transfer rights to Iodex and Ostocalcium for Rs 16.5bn. Photo courtesy of Maxwell Hamilton/Wikimedia Commons.
Meanwhile, GlaxoSmithKline Pharmaceuticals reported a 19% year-over-growth in revenue for the quarter ended 30 June 2021 at INR 773 crores. The company’s profit before tax for the reported quarter was up by 10% year-over-year at INR 164 crores.