GSK Pharma to lose oncology portfolio in India - Livemint

GSK Pharma shares declined 0.29% to close at Rs.2,486.80 in Mumbai trading on Tuesday.

Mumbai: GlaxoSmithKline Pharmaceuticals Ltd (GSK Pharma), the local unit of GlaxoSmithKline, will lose its newly added oncology portfolio in the Indian market once the global cancer business is divested to Novartis.

The oncology portfolio in India currently has three products, and the two large brands that it has launched in the market are the breast cancer drug Tykerb and Hycamtin to treat ovarian cancer. The other product is Votrient to treat renal cell cancer.

"GSK Pharma will get all the vaccines, excluding the influenza range, that Novartis sells in the Indian market with the deal and it will have to transfer all its oncology portfolio to Novartis. So the absolute revenue impact of the deal may not be that significant for GSK India," said a GSK Pharma spokesperson after a global management conference call held by the parent on Tuesday.

The consumer-health business of GSK is a separate company in India. Hence, the changes in that business will not have any direct effect on the pharma company in India, the spokesperson said.

Novartis India Ltd gained 6.34% to close at Rs.497.20 on BSE while the exchange's benchmark Sensex was little changed at 22,758.37 points. GSK Pharma shares declined 0.29% to Rs.2,486.80.

Bank of America Merrill Lynch advised Lilly, while Goldman Sachs Group Inc. advised Novartis on the animal-health deal. GSK said Lazard and Zaoui and Co. were acting as joint financial advisers. The UK company has also received financial advice from Citigroup Inc. and Arkle Associates. Lazard and Citigroup are acting as joint sponsors for the transaction, GSK said.

via Business - Google News http://ift.tt/1jFsnLM

Put the internet to work for you.

via Personal Recipe 2910127