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Glaxo to sell rest of stake in SA’s Aspen

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(iStock)
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Johannesburg - GlaxoSmithKline, the UK’s biggest drug maker, will dispose of its remaining stake in Aspen Pharmacare Holdings less than a month after selling the South African company a portfolio of anaesthetic medicines.

Glaxo is offering 28.2 million shares, equal to 6.2% of Aspen’s ordinary share capital, to institutional investors, according to a statement issued on Wednesday.

The offer price for the sale will be determined through an accelerated book building process which will start immediately, Glaxo said. At Wednesday’s closing price on the JSE of R316.87, the stake is valued at R8.94bn ($651m).

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