GlaxoSmithKline to Sell Remaining 6.2% Stake in Aspen Pharmacare
September 28 2016 - 12:25PM
Dow Jones News
By Razak Musah Baba
LONDON--GlaxoSmithKline PLC (GSK.LN) plans to sell its remaining
6.2% stake in Aspen Pharmacare Holdings Ltd. (APN.JO), a South
Africa-based pharmaceutical company.
GlaxoSmithKline, which has been an Aspen shareholder for seven
years, said Wednesday it intends to offer up to 28.2 million Aspen
shares to institutional investors at an offer price which would be
determined via an accelerated book build process.
The proceeds from the transaction will be used for general
corporate purposes, the company said.
GlaxoSmithKline said it has entered into a placing agreement
with Citigroup Global Markets Ltd., and UBS Ltd., to act as joint
book runners in relation to the offering.
In March last year, GlaxoSmithKline halved its stake in Aspen
and raised gross proceeds of 574 million pounds ($745.1
million).
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
September 28, 2016 12:10 ET (16:10 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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