GSK GSK plc

   By Ed Ballard 
 

GlaxoSmithKline PLC (GSK.LN) has abandoned a plan to sell some of the North American and European brands in its so-called established products portfolio after failing to find a buyer at the right price.

"The company has evaluated all bids received and has concluded, consistent with its key criteria of maximising shareholder value, not to pursue divestment of these products," GSK said on Thursday.

The drugmaker announced that it was looking for a buyer for the products in July, adding that they were expected to deliver sales of GBP1 billion in 2014.

Shares in GSK closed Thursday 29 pence lower at 1,461 pence.

Write to Ed Ballard at ed.ballard@wsj.com

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