“This deal presents excellent synergistic opportunities for Aspen’s ongoing global expansion strategy,” said Aspen Group CEO Stephen Saad in a press statement.
“The brands to be acquired have strong brand equity and established demand in the markets where they have been promoted and provides Aspen with a market presence in some additional 30 countries.”
The brands include Arixtra and Fraxiparine, and Aspen will also acquire the sterile production site of the brands, which is based in Notre Dame de Bondeville, France.
The ability to manufacture steriles is globally recognised as a specialist activity, which will give Aspen significant scope in the pharmaceutical industry.
“Arixtra and Fraxiparine are established products that have consistently delivered strong revenues. However, our focus is on delivering an unprecedented late-stage pipeline and preparing for the launch of approved medicines,” said David Redfern, GlaxoSmithKline (GSK) chief strategy officer.
Aspen is the largest drug company in Africa and supplies branded and generic pharmaceuticals in more than 150 countries across the world.
GlaxoSmithKline is similarly one of the world’s leading research-based pharmaceutical and healthcare companies, with offices in more than 115 countries.
“Aspen is a long-term partner of GSK and will be able to dedicate the resources that these products deserve to take them forward. Importantly, we are pleased to be able to preserve the vast majority of jobs through this agreement.”
Majority of commercial operations are expected to be transferred to Aspen by the end of the year, and the remainder, along with the site, will follow suit in the first half of 2014.