GlaxoSmithKline PLC GSK completes divestment of Horlicks (4358I)
01 April 2020 - 1:57PM
UK Regulatory
TIDMGSK
RNS Number : 4358I
GlaxoSmithKline PLC
01 April 2020
Issued: 1 April 2020, London UK
GSK completes divestment of Horlicks and other Consumer
Healthcare nutrition products in India and certain other
markets
GlaxoSmithKline plc ("GSK") today announced the completion of
its divestment of Horlicks and other Consumer Healthcare nutrition
products in India to Unilever, including the merger of its Indian
listed entity, GlaxoSmithKline Consumer Healthcare Limited ("GSK
India"), and Hindustan Unilever Limited ("HUL"). This transaction
was previously announced in December 2018 and its completion
follows the receipt of necessary legal and regulatory
approvals.
Through the merger of GSK India with HUL, GSK now holds a 5.7%
stake in HUL, an Indian public company listed on the Indian
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). GSK
intends to monetise its holding in HUL at such time it considers
appropriate, taking into account market conditions.
India remains an important growth market for GSK and the company
is committed to investing in both its listed Pharmaceuticals
business and its OTC and Oral Health brands in this country. As
part of the transaction, HUL will distribute these Consumer
Healthcare brands, which include market-leading Sensodyne, Crocin,
Otrivin and Eno, for GSK in India. GSK will continue to be
responsible for demand generation, portfolio strategy, R&D and
marketing for these brands.
Brian McNamara, Chief Executive Officer, GSK Consumer
Healthcare, said:
"The close of this transaction signals the beginning of an
exciting new chapter for GSK in India, enabling us to focus and
build on our portfolio of brilliant, science-based OTC and Oral
Health brands and to make these products available to more
consumers across the country."
Today GSK also completed the divestment of Horlicks brands
rights and other Consumer Healthcare nutrition products to Unilever
in other markets for cash proceeds equivalent to GBP397 million.
Bangladesh closing is expected to follow later this quarter,
subject to local procedures. GSK India is not part of the GSK
Consumer Healthcare Joint Venture with Pfizer and the merger of GSK
India and HUL therefore does not impact the Joint Venture.
Additional information
Information regarding forward-looking statements
GSK cautions investors that any forward-looking statements or
projections made by GSK, including those made in this announcement,
are subject to risks and uncertainties that may cause actual
results to differ materially from those projected. Such factors
include, but are not limited to, those described under Item 3.D
"Risk Factors" in the company's Annual Report on Form 20-F for
2019.
About GSK Consumer Healthcare India
GSK Consumer Healthcare India is a leading fast-moving consumer
healthcare company with over 500 employees in India and
category-leading brands such as Sensodyne, Eno, Crocin and Otrivin.
Its Mission Health program touches the lives of approximately
90,000 people by focusing on health and well being with projects
dedicated to neglected tropical diseases, dengue management, cleft
and palate surgeries and plastic waste management.
About Hindustan Unilever Limited
Hindustan Unilever Limited (HUL) is India's largest Fast-Moving
Consumer Goods Company with a heritage of over 80 years in India
and touches the lives of nine out of ten Indian households. HUL
works to create a better future every day and helps people feel
good, look good and get more out of life with brands and services
that are good for them and good for others.
About GSK
GSK is a science-led global healthcare company with a special
purpose: to help people do more, feel better, live longer. For
further information please visit www.gsk.com .
GSK enquiries:
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5502
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5502
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Analyst/Investor Sarah Elton-Farr +44 (0) 208 047 (London)
enquiries: 5194
Danielle Smith +44 (0) 20 8047 (London)
7562
James Dodwell +44 (0) 20 8047 (London)
2406
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
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