Pharmaceutical giant GlaxoSmithKline (NYSE:GSK) has announced the sale of rights of its Penicillin products in United States to Indian pharmaceutical company Dr. Reddy’s (NYSE:RDY). GlaxoSmithKline (NYSE:GSK) will retain the right for the sold penicillin products for all the non U.S countries.
Dr. Reddy’s (NYSE:RDY) will also be getting a manufacturing plant owned by GlaxoSmithKline (NYSE:GSK) in Tennessee along with the entire penicillin portfolio. United States is the biggest market for GSK in terms of sales and profits. The rights include the popular products Amoxil and Augmentin. The deal will be completed by the first quarter of next year.
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