GlaxoSmithKline plc (its shares are listed on the London Stock Exchange) – and the main shareholder in GlaxoSmithKline – has decided to restructure its business globally by separating the pharmaceutical and vaccines business from the consumer healthcare business as a general strategy applied to all markets.
GlaxoSmithKline said in a statement to the Stock Exchange, that it was notified of this by GlaxoSmithKline Trading Services Ltd, the principal trading company within the Glaxo Group of companies and on behalf of the licensees of consumer healthcare products within the GlaxoSmithKline group of companies.
GlaxoSmithKline plc has decided to establish two new independent companies based in the United Kingdom for this purpose.
GlaxoSmithKline Trading Services Ltd. has studied alternatives to implement the restructuring, with regard to the activity in Egypt.
And announced that the study ended with the establishment of a new company to practice the activity of consumer healthcare (provided that the Egypt Company will continue to manufacture and market medicines and vaccines).
The letter included GlaxoSmithKline Trading Services Ltd’s desire to purchase consumer healthcare assets, including all movable assets, but not real estate, machinery and intangible assets such as product registrations, for a fair market value determined by an independent financial advisor.
The letter included GlaxoSmithKline Trading Services Ltd’s desire to conclude long-term manufacturing and supply agreements under which consumer healthcare products will be manufactured between GlaxoSmithKline Trading Services Ltd and GlaxoSmithKline Egypt for an agreed-upon fair value.