GlaxoSmithKline (GSK) announced that it has sold two thrombosis brands and a French plant to South African company Aspen for £700 million.
"GSK today announced it has reached agreement to sell its thrombosis brands, Arixtra and Fraxiparine, and the Notre-Dame de Bondeville manufacturing site to The Aspen Group," said a statement.
Advertisement"The agreement is a further example of GSK's commitment to increase focus on products with the most growth potential," it added.
Aspen will acquire global rights to the Arixtra and Fraxiparine brands -- excluding China, India and Pakistan -- and certain dedicated commercial employees, along with the related Notre-Dame de Bondeville manufacturing site and the majority of employees at the facility.
GSK added that it would use the proceeds for general corporate purposes.
"Arixtra and Fraxiparine are established products that have consistently delivered strong revenues," said GSK chief strategy officer David Redfern.
"However, our focus is on delivering an unprecedented late-stage pipeline and preparing for the launch of approved medicines."
London-listed GSK has a shareholding of 18.6 percent in Aspen, which is a top generic drugs maker in the southern hemisphere and is also Africa's largest pharmaceutical manufacturer.