Company GlaxoSmithKline sold its stake in the Indian business Unilever, generated 3.35 billion dollars. Money the pharmaceutical company is likely to invest in the development of experimental drugs, writes FiercePharma.
In December 2018 GlaxoSmithKline received 5.7% of Hindustan Unilever as payment for selling their brand of malt drink Horlicks and other products of Unilever.
The sale of shares in Unilever, GlaxoSmithKline became an important step to withdrawal from the market of OTC drugs and consumer products. Previously, GlaxoSmithKline and Pfizer announced the merger of their consumer healthcare businesses into a single joint venture. Controlling stake in the merged company will be owned by GSK (68%), share of Pfizer will be 32%.