GSK has completed the extension of its strategic relationship with Aspen Pharmacare Holdings Limited (Aspen) and the acquisition of a minority shareholding in the South African based pharmaceuticals company. This is part of a wide ranging agreement which includes combining commercial activities in Sub-Saharan Africa and the divestment of several assets to Aspen.
On completion, Aspen issued 68.5 million ordinary shares to GSK in consideration for the transfer of assets. Taken together with Aspen shares acquired by GSK between signing and closing, this issue takes GSK’s holding in Aspen to a total of 81.7 million shares, the equivalent of a 19 per cent shareholding.
In addition, Abbas Hussain, president Emerging Markets, GlaxoSmithKline will be appointed to Aspen’s Board of Directors as a non-executive director with effect from December 7.