The transaction includes a manufacturing plant in France
GlaxoSmithKline has agreed to sell its thrombosis brands to South Africa's Aspen Group for £700m in cash so that it can focus on products with the most growth potential and the delivery of its late-stage pipeline.
Aspen will acquire global rights to the Arixtra and Fraxiparine brands (excluding China, India and Pakistan), along with the related Notre-Dame-de-Bondeville (NDB) manufacturing site and the majority of staff at NDB in France.
In Indonesia, GSK said it would continue to distribute and market the brands under licence from Aspen.
Subject to regulatory approvals, it is expected that the majority of commercial operations will transfer to Aspen by the end of the year with the remainder, along with the NDB site, following in the first half of 2014. Total sales of these products in the territories subject to this transaction were £177m in the first half of 2013.
David Redfern, Chief Strategy Officer at GSK, said: 'Arixtra and Fraxiparine are established products that have consistently delivered strong revenues. However, our focus is on delivering an unprecedented late-stage pipeline and preparing for the launch of approved medicines.
'Aspen is a long-term partner of GSK and will be able to dedicate the resources that these products deserve to take them forward.'
GSK already has an 18.6% holding in Aspen, a leading generics manufacturer in the southern hemisphere and Africa’s largest pharmaceutical manufacturer.