GlaxoSmithKline (GSK.L) is to sell its portfolio of anesthetic drugs to South Africa's Aspen Pharmacare (APNJ.J) for up to 280 million pounds ($372 million) as part of a drive by the British drugmaker to focus on core therapy areas.
The two firms, which have a long history of working together, said on Monday that Aspen would pay 180 million pounds for the products Ultiva, Nimbex, Tracrium, Mivacron and Anectinein, plus up to 100 million pounds in milestone payments.
GSK, which had already sold the U.S. and Canadian rights to the drugs, earned around 35 million pounds from the anaesthetics in the first half of 2016. Aspen is also acquiring rights to the remaining GSK thrombosis drug portfolio, while the two companies are ending a broader collaboration in sub-Saharan Africa.
The South African group bought most of the thrombosis drug rights in 2013, but GSK had retained certain territories, including China, India and Pakistan.