Glaxo SmithKline completes Aspen stake sale

By VCPOST Staff Reporter

Nov 20, 2013 04:43 AM EST

Glaxo SmithKline (GSK) announced the completion of its share sale in Aspen Pharmacare. GSK sold 28.2 million of its shares at ZAR250 apiece. The sale raised a total of ZAR7.059 billion (USD694 million) for the pharmaceutical giant. This was according to a report published by Yahoo Finance today.

On Tuesday, shares of South African drug firm Aspen closed at ZAR267.40 apiece, the report said.

GSK had previously announced its intention to cut a third of its investment in Aspen. Meanwhile, the drug giant intended to remain committed with its partnership with Aspen. GSK's stake is now down to 12.4%, Yahoo Finance reported.

GSK is a global healthcare company based in the United Kingdom. The firm was formed in 2000 when drug companies Glaxo Wellcome PLC and SmithKline Beecham consolidated. The combined company specializes in production and development of vaccines for the prevention of life-threatening or crippling diseases. This was based on the drug maker's website.

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