Aspen signs off on GSK drug transaction

Cape Town - South Africa's biggest generic drug maker Aspen Pharmacare [JSE:APN] signed off on an agreement with GlaxoSmithKline to acquire a portfolio of anaesthetics, the company reported on Wednesday.

The company will pay an initial amount of £180m, paying an added £100m if certain goals are met in the three years following completion, according to a statement issued on Wednesday.

READ: Aspen continues spending spree with $372m purchase

The transaction was completed on February 28 2017 on a global scale and on a national scale in Durban on March 1 2017. The deal adds to the anaesthetics Aspen bought in June from AstraZeneca of the UK for as much as $770m.

Aspen's shares declined 0.21% to R282.78 as of 16:32 on the Johannesburg Stock Exchange.

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