GSK Egypt to spin off consumer healthcare business

Accordingly, a new company focused on consumer health products will be established in Egypt, while GSK Egypt will continue to produce and market pharmaceuticals and vaccines, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

GlaxoSmithKline Trading Services Limited, one of the main trading companies of the group, expressed its desire to acquire the consumer health business assets, excluding real estate and machinery, for a fair value consideration estimated by an independent financial advisor to be hired by the company.

The trading company also voiced its interest in entering into long-term supply and manufacturing agreements with the Egyptian arm to manufacture consumer health products.

The board of directors will convene to take a decision on the matter.