Glaxo Wellcome has sold its European and US interests in the Warner-Wellcome over-the-counter joint venture with US company Warner-Lambert to W-L for $900 million.
A letter of intent was signed in December 1995 indicating that GW would sell its interests in Warner Wellcome for $1.05 billion (Marketletter January 1 & 8). GW says the disposal at $900 million reflects the interim accounts of the company at June 30, 1996. Proceeds from the sale will be used to reduce group borrowings.
GW said that the completion of agreements relating to Canada, Mexico, Australia and New Zealand is expected in the next few months, when a remaining $150 million will be received.
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