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news.Belgium-based biopharmaceutical and specialty chemical company UCB has agreed with GlaxoSmithKline, or GSK, to sell current UCB business and UCB affiliates in selected emerging markets for a cash compensation of E515 million, upon closing of the transaction expected in late March 2009.
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The commercial operations and product distribution rights to be acquired by GSK represent approximately 3-4% of UCB’s 2008 expected revenue of at least E3.3 billion. Further details of the agreement were not disclosed.
The agreement includes more than 50 UCB operations in the Far-East, Middle-East, Latin America and Africa. This agreement does not include among other countries: Brazil, Russia, India, China, South Korea or Mexico which are considered by UCB as strategic emerging markets.
The agreement covers principally all currently marketed UCB products and staff in the regions mentioned above. It does not include UCB’s new core products such as Vimpat (lacosamide), Neupro (rotigotine), Cimzia (certolizumab pegol), nor does it provide rights to any of UCB’s R&D pipeline programs.
Roch Doliveux, CEO of UCB, said: This is a win-win agreement. Consistent with our core strategies outlined by the Shape program, UCB focuses on its core areas while GSK acquires assets which fit with its growth and diversification strategy. UCB will continue to strengthen its core indication areas CNS and immunology and its presence in its key strategic markets to bringing new medicines to patients who suffer from serious diseases.