GSK ups stake in Aspen to 19%

1st Dec 2009 07:32

Drugs giant GlaxoSmithKlinehas completed the extension of its strategic relationship with South African company Aspen Pharma.Aspen has issued 69.5m shares to Glaxo as part of a deal that will see some of Glaxo’s assets transfer to Aspen. Glaxo’s stake in Aspen rises as a result to 81.7m shares, giving it control of 19% of the company.The alliance is part of a wide ranging agreement which includes combining commercial activities in Sub-Saharan Africa and the divestment of several assets to Aspen.Abbas Hussain, president of Glaxo’s Emerging Markets division, will be appointed to Aspen's board of directors as a non-executive director with effect from 7 December.