Tags: Glaxo | Aspen | medicines | patent

Aspen Offers to Buy Glaxo Heart Medicines for $1.1 Billion

Wednesday, 24 Jul 2013 08:57 AM

Aspen Pharmacare Holdings Ltd. offered GlaxoSmithKline Plc about 700 million pounds ($1.1 billion) for branded heart medicines Arixtra and Fraxiparine and a related manufacturing site.

The price includes about 100 million pounds for inventory and talks haven’t finished, Johannesburg-based Aspen said in a statement today. Glaxo said June 18 it got a bid from Aspen for the treatments.

Arixtra and Fraxiparine are part of a portfolio of more than 50 older products that Glaxo has carved out into a separate unit. The two drugs generated about 420 million pounds in global revenue in 2012 compared with 510 million pounds the previous year, Simon Steel, a spokesman for London-based Glaxo, said by phone June 18. The sale would exclude rights in China, India and Pakistan.

Aspen shares rose as much as 3.1 percent and traded at 221.35 rand as of 1:57 p.m. in Johannesburg, the biggest gain in a week.

Glaxo owns a 19 percent stake in Aspen, a maker and distributor of generic medicines. Aspen agreed to buy pharmaceutical and over-the-counter brands from Glaxo in two separate transactions last year.

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