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Business News

Glaxo cuts consumer brand portfolio

GlaxoSmithKline yesterday set out the latest sell-off plans for its consumer division, with a €470m (£391m) deal to dispose of over-the-counter brands including Beconase allergy spray and sleeping pills Nytol.

Britain's biggest drug maker revealed its intentions to sell some "non-core" consumer products last February, in an attempt to focus its consumer healthcare business around fast-growing brands.

Yesterday, a portfolio of drugs – including its German vitamin business Abtei and the painkiller Solpadeine, which generated £185m of sales last year – was sold to Belgium's Omega Pharma.

"Given the continued economic challenges across the eurozone, I am pleased that we have been able to transact these assets at a good price for GSK," Simon Dingemans, the finance director, said.