Sale nets GlaxoSmithKline a £459m windfall
DRUGS giant GlaxoSmithKline is set for a £459million windfall by reducing its stake in South African drugmaker Aspen Pharmacare by a third.
It will offload 6 per cent of its 19 per cent stake in the firm through a placing with institutional investors but retain a seat on the board.
GSK, which bought into Aspen in 2009, said it would use the cash for “general corporate purposes”.
David Redfern, GSK’s chief strategy officer, said: “We remain committed to working closely with Aspen.” GSK shares rose 14½p to 1628p.