(Alliance News) - GlaxoSmithKline PLC said Tuesday it has completed the sale of two travel vaccines to Danish biotechnology firm Bavarian Nordic AS for up to EUR955 million.
The FTSE 100-listed pharmaceutical firm will receive an initial EUR308 million from the sales of rabies vaccine Rabipur and tick-borne encephalitis vaccine Encepur. The remaining consideration will come in the form of milestone payments, Glaxo said.
Glaxo acquired the two as part of its 2015 purchase of the vaccines business of Swiss peer Novartis AG. The sale of the vaccines supports its increased focus on reinvesting in growth assets as well as simplifying the supply chain of its vaccines unit.
The firm explained: "The decision to divest these brands supports GSK's strategic intent to increase focus and reinvest in growth assets, innovation and a simplified supply chain in its vaccines business."
Glaxo shares closed 1.1% lower at 1,779.00 pence each on Tuesday in London.
By Eric Cunha; ericcunha@alliancenews.com
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Glaxosmithkline (GSK)