GlaxoSmithKline in major opium deal
pharmafile | March 5, 2015 | News story | Sales and Marketing | GSK, GlaxoSmithKline, Sun Pharma, opium, tasmania
GSK is to sell its opiates business to Sun Pharmaceuticals for an undisclosed amount, the two companies have announced.
The British firm is on a cost-cutting exercise to restructure its business interests to exit what it sees as non-core businesses. This has led it to sell the opiates division, which includes the Tasmanian Poppy Industry subsidiary, to Sun Pharmaceuticals. The Indian firm has plans to boost its presence in the pain management therapy area.
The raw materials derived from poppy-based opiates are primarily used in the manufacture of painkillers for the treatment of moderate to severe pain, and generated around £45m for GSK in 2013.
GSK‘s opiates business employs 185 staff, including 155 in Australia’s Victoria state and 30 in Tasmania. GSK’s opiate facilities, in Latrobe in Tasmania and Port Fairy in Victoria, will be transferred to a subsidiary of Sun Pharma along with GSK’s portfolio of opiate products. Sun Pharma will retain the staff at both the facilities.
Tasmania is home to some of the world’s largest poppy fields and Australia is the world’s largest supplier of opiates for pharmaceutical painkillers.
Steve Morris, general manager of GSK Opiates, says: “The opiates business has been an important part of our Australian business for many years, but as our portfolio transitions, we believe now is the right time to hand this business over to someone else.
“Sun Pharma has an established footprint in this market and, with the addition of our highly skilled employees, I believe they are well-placed to take the business forward.”
Iftach Seri, executive vice-president of the active pharmaceutical ingredients business at Sun Pharma, adds: “The global opiates market holds good potential and the addition of GSK’s opiates business will strengthen our positioning further. The acquisition is a part of our strategy towards building our portfolio of opiates and accessing strong capabilities in this segment.”
Lilian Anekwe
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