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BASEL (Alliance News) - UK pharmaceutical giant GlaxoSmithKline PLC is seeking initial bids by mid-September for its USD4.3 billion Indian consumer-health unit, which owns the popular malted milk brand Horlicks, according to reports citing people familiar with the matter.
Glaxo has sent out an information memorandum with preliminary details about the business to possible suitors. The sale has attracted interest from potential bidders including Nestle SA, PepsiCo Inc. and Reckitt Benckiser Group PLC, the reports said.
The UK drugmaker announced in March that it aims to complete a strategic review of Horlicks and other nutritional products by the end of this year. The company is assessing its 72.5% holding in India-listed GlaxoSmithKline Consumer Healthcare Ltd. as part of that process. Proceeds from a potential sale could be used to finance Glaxo's USD13 billion buyout of Novartis AG's stake in their consumer-health joint venture.
Glaxo's review of assets includes its 82% stake in the Dhaka-listed GlaxoSmithKline Bangladesh Ltd., as well as marketing rights to some consumer-health brands in other emerging economies including Malaysia. There's no certainty the deliberations will lead to a transaction, and the parent company may yet decide to keep the businesses, the reports said.