"Pursuant to the global deal, the company will have its distribution rights terminated for the oncology portfolio in return for accessing the distribution rights of the acquired vaccines portfolio," GlaxoSmithKline Pharmaceuticals Ltd said in a filing to the BSE.
GlaxoSmithKline Pharmaceuticals board today approved transfer of its cancer drugs portfolio to an arm of Novartis in India in return for acquiring vaccines portfolio as part of a global deal between the two-multinational pharma giants struck last year. The company, which today reported a 61.24 percent drop in its net profit at Rs 45.30 crore for the October-December period, said its board approved the transactions on an asset sale basis with Novartis Healthcare Pvt Ltd.
"Pursuant to the global deal, the company will have its distribution rights terminated for the oncology portfolio in return for accessing the distribution rights of the acquired vaccines portfolio," GlaxoSmithKline Pharmaceuticals Ltd said in a filing to the BSE.
The transaction would be profit neutral for the company, it added. "The closing of the asset sales between the companies is subject to the receipt of all applicable legal and regulatory approvals, consent, permissions and sanctions as may be necessary from concerned authorities, as well as the closing of the global transactions between GSK and Novartis," the company said. Last year, London-based GlaxoSmithKline Plc had entered into agreement with Basel-based Novartis AG to acquire the latter's vaccines business and manufacturing capabilities and sell the rights of its oncology portfolio, related R&D activities and AKT inhibitors currently in development to the Swiss firm.
In a separate filing, GlaxoSmithKline Pharmaceuticals said its board has decided to seek shareholder approval for appointment of seven independent directors and re-appointment and appointment of its whole-time directors. The company's net sales rose to Rs 646.15 crore during the October-December period as against Rs 630.63 crore during the same period of the previous fiscal. "The quarterly performance was impacted by supply constraints," the company said.
GlaxoSmithKline Pharma shares ended at Rs 3,254 apiece on the BSE, down 0.36 percent from their previous close.
GlaxoSmithKline stock price
On February 12, 2015, GlaxoSmithKline Pharmaceuticals closed at Rs 3254.00, down Rs 11.6, or 0.36 percent. The 52-week high of the share was Rs 3550.00 and the 52-week low was Rs 2351.60.
The company's trailing 12-month (TTM) EPS was at Rs 51.99 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 62.59. The latest book value of the company is Rs 238.15 per share. At current value, the price-to-book value of the company is 13.66.
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