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news.Drugs maker GlaxoSmithKline and Reckitt Benckiser, a manufacturer and distributer of household cleaning products, have been shortlisted to go through to the next round of bidding for the healthcare unit of high street health and beauty retailer Boots Group Plc.
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The sale, which is expected to give Boots GBP1.2 billion ($2.17 billion), has attracted many players in the industry, including German drugs group Bayer, US firm Pfizer and Swiss pharmaceutical maker Novartis, all of which are said to have been shortlisted along with GlaxoSithKline (GSK) and Reckitt in the latest round of bidding.
According to the Daily Mail, GSK and Reckitt are now the frontrunners in the auction. GSK is reported to be keen to expand its over-the-counter franchise and sees many synergies with UK-based Boots.
Boots decided to offload its consumer healthcare division, which offers non-prescription brands including Nurofen, Strepsils and Clearasil, earlier this year, saying it wanted to concentrate on its core retail business.
Since the announcement of the sale, at least 10 groups were thought to have received information on the business. The next round will enable the shortlisted companies to access the unit’s books and conduct meetings with management
Boots reportedly plans to return the proceeds of the sale to its shareholders.