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GSK Extends Strategic Collaboration with Aspen
Date:5/12/2009

uding US), Kemadrin, Lanvis, Leukeran, Myleran, Purinethol, Septrin and Trandate. Combined sales of these products were 56 million pounds Sterling in 2008. The Bad Oldesloe manufacturing site produces some of the products to be divested and a number of other products previously acquired by Aspen from GSK in June 2008.

These divestments reflect GSK's strategy to simplify its operations and divest certain products which can be more efficiently commercialised by other parties.

Activities combined in Sub-Saharan Africa

Under the terms of the agreement, GSK and Aspen will collaborate on the commercialisation of their current and future product portfolios in Sub-Saharan Africa (excluding South Africa). The vast majority of combined current sales in this region (approximately 65 million pounds Sterling in 2008) are attributable to GSK. Going forward, the collaboration will build a broader and more diverse portfolio for these countries, with Aspen's extensive pipeline of new products expected to benefit from greater leverage through GSK's existing commercial infrastructure.

In South Africa, where Aspen has extensive commercial capability, GSK will transfer marketing and distribution rights to Aspen for its pharmaceutical products. In 2008, sales of these pharmaceutical products were approximately 45 million pounds Sterling.

Financials

GSK will record a one-off non-cash, pre-tax profit on the expected closure of the transaction, representing the profit on disposal of the GSK assets to Aspen. This item will be reported within Other Operating Income. The impact of this transaction to GSK's earnings per share is expected to be accretive in 2009 and slightly dilutive (< 1%) in 2010.

The agreement is subject to regulatory approvals and is expected to complete before the end of 2009.

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SOURCE GlaxoSmithKline plc
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