GlaxoSmithKline, an IW 1000 company, said on March 15 that it would sell a stable of well-known European over-the-counter brands, including Nytol sleep aid, to Belgium's Omega Pharma.
"GSK announced that it has reached agreement to divest the previously identified non-core OTC brands in Europe to Omega Pharma for 470 million euros (US$614 million) in cash," the London-listed company said.
The brands also comprise vitamin supplement Abtei, allergy treatment Beconase, skin cleanser Lactacyd, pain reliever Solpadeine and heartburn product Zantac.
The divestment was expected to be completed in the second quarter but remains subject to regulatory approvals.
GSK revealed in February 2011 that it would seek to sell non-core consumer healthcare products, predominantly in the United States and Europe, to concentrate on priority brands and markets.
In December, it sold a clutch of North American non-prescription drug brands for £426 million (US$ 556 million) to the U.S. group Prestige Brands Holdings.
Last month the company reported that profits had tripled, $8.32 billion in 2011, compared to last year.
Copyright Agence France-Presse, 2012