The Hindu Business Line : GSK Pharma sells animal health biz to Virbac

GlaxoSmithKline Pharmaceuticals Ltd (GSK) has approved the sale of its stand-alone animal health business in India, Agrivet Farm Care (AFC), to Virbac Animal Health India Private Ltd for Rs 207.1 crore. The transaction is expected to be completed by the second half of 2006, subject to regulatory and shareholder approvals, a GSK note said.

Virbac in India is a subsidiary of Virbac S.A., a leading animal health and veterinary products company headquartered in France. The company clocked revenues of £250 million in 2005.

GSK is not present in animal health in other global markets and AFC represents about eight per cent of GSK Pharma's sales in India. It clocked revenues of Rs 119 crore in 2005.

Giving the rationale behind the disinvestment, GSK said that the company was focused on growing its pharmaceuticals business. "In the opinion of GSK's board of directors, the sale of the business to Virbac would be in the best interests of GSK, its stakeholders and the AFC employees," the note said. AFC has 245 employees, but no manufacturing facility in India.

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