LONDON (AP) -- Pharmaceutical company GlaxoSmithKline says it has agreed to sell a package of noncore over-the-counter brands to Aspen Pharmacare Holdings Ltd. for 164 million pounds ($264 million).
The company said Friday that the sale involves rights to sell the products outside the United States, Canada and Europe.
The brands being divested include Phillips Milk of Magnesia, Solpadeine brand paracetamol, Dequadin throat lozenges, Cartia low-dose aspirin and Zantac for ulcers. Glaxo said the products generated sales of about 60 million pounds in its international markets last year.
Including other asset sales for North America and European rights, Glaxo says it has raised net cash of 690 million pounds, which will be returned to shareholders.