AstraZeneca OTC sale to GSK cleared in Sweden
UK-headquartered drug major AstraZeneca says that the Competition Authority in Sweden has approved the previously-announced divestment to GlaxoSmithKline of a portfolio of over-the-counter products (Marketletter December 1, 2008).
Under the agreement, AstraZeneca receives 1.77 billion Swedish kronor ($220.0 million at current exchange rates). The OTC brands, predominantly sold in Sweden, include analgesics Alvedon and Reliv, Nezeril/Nasin for decongestion, Minifom for gastrointestinal disorder and Duroferon for treatment of iron deficiency.
The divestment will be reflected in "other operating income" in AstraZeneca's second-quarter accounts, the company said.
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