GSK has completed the extension of its strategic relationship with Aspen Pharmacare (Aspen) and the acquisition of a minority shareholding in the South African based pharmaceuticals company on November 30.
This is part of a wide ranging agreement which includes combining commercial activities in Sub-Saharan Africa and the divestment of several assets to Aspen.
On completion, Aspen issued 68.5 million ordinary shares to GSK in consideration for the transfer of assets. Taken together with Aspen shares acquired by GSK between signing and closing, this issue takes GSK’s holding in Aspen to a total of 81.7million shares, the equivalent of a 19% shareholding.
In addition, Abbas Hussain, president of emerging markets at GlaxoSmithKline will be appointed to Aspen’s board of directors as a non-executive director with effect from December 7.