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RNS Number : 8274Q

GlaxoSmithKline PLC

22 June 2015

Issued: 22 June 2015, London UK - LSE Announcement

Regulatory update on divestment of Nimenrix and Mencevax

GlaxoSmithKline plc (LSE/NYSE: GSK) today announced it is divesting its meningitis vaccines Nimenrix and Mencevax to Pfizer Ireland Pharmaceuticals (a subsidiary of Pfizer Inc).

The sale follows commitments given to the European Commission and other regulators in connection with the merger control clearances obtained for GSK's three-part transaction with Novartis AG, which completed on 2 March 2015. As part of the transaction, GSK acquired Novartis's vaccines business (excluding influenza vaccines) including the meningitis vaccines Menveo and Bexsero. In order to satisfy regulatory clearances as part of the transaction, GSK agreed to divest its legacy meningitis vaccines Nimenrix and Mencevax, which are sold outside the US and achieved combined global sales in 2014 of GBP34 million.

The agreementwith Pfizer Ireland Pharmaceuticals remains subject to final European Commission approval, other regulatory approvals and other customary closing conditions, which we hope to receive in the coming months. It is expected that the sale will be completed before the end of the year. The total consideration for the sale, including some deferred consideration, is EUR115 million (GBP82 million).

Pfizer Ireland Pharmaceuticals is deemed, under Listing Rule 11.1.4R, to be a related party of GSK as a result of holdings of the Pfizer group in ViiV Healthcare Limited.

The sale is a smaller related party transaction under Listing Rule 11.1.10R (1) and has been agreed following a confirmation from GSK's sponsor that the terms of the sale are fair and reasonable as far as GSK's shareholders are concerned.

GSK - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com.

 
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 Cautionary statement regarding forward-looking 
  statements 
  GSK cautions investors that any forward-looking 
  statements or projections made by GSK, including 
  those made in this announcement, are subject 
  to risks and uncertainties that may cause actual 
  results to differ materially from those projected. 
  Such factors include, but are not limited to, 
  those described under Item 3.D 'Risk factors' 
  in the company's Annual Report on Form 20-F for 
  2014. 
 
 
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  No. 3888792 
 
 Registered Office: 
  980 Great West Road 
  Brentford, Middlesex 
  TW8 9GS 
 

This information is provided by RNS

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