GlaxoSmithKline Pharmaceuticals Ltd to transfer rights of Iodex and Ostocalcium brands to GSK Asia

GlaxoSmithKline Pharmaceuticals Limited today announced its decision to transfer its rights in relation to the Iodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited, subject to shareholder approval, for an aggregate consideration of Rs 1649 crores.

Commenting on the transfer of brand rights, Mr. Venkatesh added, "As part of our parent GSK pie'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 Iodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited. The transaction is expected to be completed before the end of the year, subject to shareholder approval and the customary closing conditions, including relevant regulatory approvals.

Shares of GLAXOSMITHKLINE PHARMACEUTICALS LTD. was last trading in BSE at Rs. 1731 as compared to the previous close of Rs. 1681.7. The total number of shares traded during the day was 15769 in over 2337 trades.

The stock hit an intraday high of Rs. 1744 and intraday low of 1673.85. The net turnover during the day was Rs. 26990565.

Source : Equity Bulls

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