GSK has sold select consumer OTC brands to Belgian group Omega Pharma for €470m in cash.
Reuters reported that Bain Capital and Dutch firm Waterland Private Equity were in the running for the assets as part of a consortium that includes Omega. The private equity firms seem to have missed out on the deal.
The brands that were sold include Lactacyd, Abtei, Solpadeine, Zantac, Nytol and Beconase, and generated sales of some £185m (€222.9m) in 2011. GSK delayed the sale of weight-loss pill Alli as a result of supply issues. As part of the agreement, Omega will be acquiring the Herrenberg manufacturing site which is located in Germany and employs around 110 people.
In April, GSK identified 19 non-core brands that it would divest in order to focus its consumer healthcare business around a portfolio of fast-growing core brands and emerging markets.