GSK sells part of its Quest sake for $256M
UK pharmaceutical giant GlaxoSmithKline says that it has sold 5,749,157 shares of common stock in Quest Diagnostics for a total of $256.0 million. The sale of the shares was achieved partly through market sales under Rule 144 of the US Securities Act of 1933 and also via one directly to Quest. This means that GSK's stake in the US firm has dropped from 19.6% to 16.5%, and has a current value of around $1.36 billion.
The shares were sold as part of a gradual reduction in GSK's holding and to take advantage of Quest's recently-expanded share repurchase program. The drug major originally acquired the shares following the sale of its clinical laboratories business to Quest in 1999.
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