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GlaxoSmithKline Pharmaceuticals Ltd. has announced the sale of its Vemgal plant located in Karnataka to Hetero Labs Ltd. for a cash consideration of Rs 1.8 billion.
Post discontinuation of Zinetac last year this plant remained unutilized and the company had announced a writeoff on it.
Company’s recent financial performance was healthy led by recovery in its key brands and supported by recently launched products (Fluarix Tetra, Menveo and Nucala).
We expect this trend in recovery in the acute therapies to continue in the coming quarters.
GSK Pharma’s exposure only to domestic formulations, strong balance sheet and strong brand equity augurs well.
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