LONDON (Alliance News) - GlaxoSmithKline PLC said Monday it is selling meningitis vaccines Nimenrix and Mencevax to Pfizer Ireland Pharmaceuticals, a subsidiary of US drugs maker Pfizer Inc, as part of commitments it made in relation to its plan to form a consumer health joint venture with Novartis International AG.
As part of the deal with Novartis, Glaxo acquired Novartis' vaccines business, including two meningitis vaccines. In order to satisfy regulatory clearances, it has agreed to sell Nimenrix and Mencevax.
The two vaccines are sold outside of the US and made global sales of GBP34 million in 2014. Pfizer will pay EUR115 million for the vaccines, including some deferred consideration.
The sale is subject to approval from the European Commission and other regulatory approvals, which Glaxo expects in the coming months.
Earlier this month Glaxo agreed to sell a portfolio of over-the-counter brands to Perrigo Co PLC for an undisclosed cash sum, also as part of commitments Glaxo made to the European Commission and other regulators.
Shares in Glaxo are trading up 1.1% at 1,371.50 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Glaxosmithkline (GSK)