Net sales of the pharmaceuticals business grew by 1.2 per cent during the quarter ended December 31, 2014
GlaxoSmithKline Pharmaceuticals announced its financial results for the fourth quarter ended December 31, 2014. Net sales of the pharmaceuticals business grew by 1.2 per cent during the quarter ended December 31, 2014, as compared to the corresponding quarter in the previous year. The quarterly performance was impacted by supply constraints.
On April 22, 2014, GlaxoSmithKline (GSK), London, UK, entered into an inter-conditional agreement with Novartis AG (Novartis), Basel, Switzerland where GSK (i) will acquire the Novartis’s Vaccines Business and manufacturing capabilities and facilities from Novartis, and (ii) GSK sell the rights to its Marketed Oncology Portfolio, related R&D activities and AKT Inhibitors currently in development to Novartis.
In connection to the above transactions, the Board in its meeting held on February 12, 2015, approved the transactions on an asset sale basis with Novartis Healthcare, a private unlisted company incorporated under the Companies Act 1956. Pursuant to the global deal, the company will have its distribution rights terminated for the oncology portfolio in return for accessing the distribution rights of the acquired vaccines portfolio. The transaction would be profit neutral for the company.
The closing of the asset sales between the companies is subject to the receipt of all applicable legal and regulatory approvals, consent, permissions and sanctions as may be necessary from concerned authorities, as well as the closing of the global transactions between GSK and Novartis.
The board of directors of the company at its meeting held on November 06, 2014, decided to change the financial year of the company from January – December to April – March. Accordingly the company’s the next annual accounts and report will be for a period of fifteen months i.e. from January 01, 2014 to March 31, 2015.