Biocon Biologics announces key leadership appointments, Rhonda Duffy to be COO
Biocon Biologics, a subsidiary of pharmaceutical giant Biocon Ltd, has made several key leadership appointments which will play an important…
After a month of the merger between GlaxoSmithKline Consumer Healthcare Limited (GSKCH) and Hindustan Unilever Ltd (HUL), the British drugmaker GlaxoSmithKline plc is reportedly planning to offload it’s $3.7 billion (Rs 28,000 crore) stake in the Indian FMCG giant.
A Bloomberg report, which quoted unnamed sources, stated that Glaxo is preparing to sell part or all of its 5.7% stake in HUL via a series of block trades. It is likely that the selling could start in a few days the, report added.
On April 1, HUL completed the merger of GSKCH India, over a year after the Rs 31,700 crore mega-deal was first announced. In addition, HUL also approved acquisition of popular health drink brand Horlicks from GSK for a consideration of Rs 3,045 crore, exercising the option available in the original agreement between its parent firm Unilever and GSK.
Advertisement
“This will enable HUL to utilise cash on its balance sheet and create value for shareholders. In addition, it will enable HUL to drive better salience in a local context. The other brands which were under the ownership of GSKCH like Boost, Maltova and Viva come to HUL’s brand portfolio by virtue of the merger,” the statement said.
On December 3, 2018 HUL had announced merger of GSKCH, which was subject to obtaining necessary approvals.
Advertisement
