Sridhar Venkatesh, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said, "We continue to show remarkable resilience and deliver growth despite the headwinds caused by the COVID-19 pandemic. Our pharmaceutical manufacturing team worked round the clock to fulfill significantly increased demand for our key brands, especially for Ca/pol (paracetamol). This effort ensured that patients continued to have access to this important medication during the pandemic. While our vaccines business was impacted due to low vaccination rates, many of our key brands witnessed strong growth fuelled by disciplined execution, enhanced digital capabilities and agility in the market resulting in market share gains."
Venkatesh added, "As part of our parent GSK plc's new ambition to create two world class companies in Pharmaceuticals and Consumer Healthcare, we have decided to transfer our rights in relation to the lodex and Ostocalcium brands to GlaxoSmithKline Asia Private Limited. The transaction is expected to be completed before the end of the year, subject to shareholder approval and the customary closing conditions, including relevant regulatory approvals."
The company also announced its decision to transfer its rights about the /odex and Ostoca/cium brands to GlaxoSmithKline Asia Private Limited, subject to shareholder approval, for an aggregate consideration of Rs1649cr.
At around 2.41 pm, GSK Pharma was trading at Rs1667.25 per piece down by 3.4% on Sensex.