Report of Foreign Issuer (6-k)
October 21 2019 - 6:35AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of October,
2019
Commission
File Number 001-15170
GlaxoSmithKline plc
(Translation
of registrant's name into English)
980 Great West Road, Brentford, Middlesex, TW8 9GS
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F . . . .X. . . . Form 40-F . . . . . . . .
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ____
Issued: 21 October 2019, London UK
GSK agrees to divest rabies and tick-borne encephalitis vaccines to
Bavarian Nordic
GSK to receive upfront payment of approximately EUR301 million
(£259m) and milestone payments for a total consideration of up
to EUR955 million (£822m)
GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of
travel vaccines Rabipur (tradename Rabavert in the US) for the
prevention of rabies, and Encepur for the prevention of tick-borne
encephalitis, to Bavarian Nordic.
The decision to divest these brands, acquired from Novartis in 2015
as part of the acquisition of its vaccines business, supports GSK's
strategic intent to increase focus and reinvest in growth assets,
innovation and a simplified supply chain in its vaccines
business.
Roger Connor, President, Global Vaccines at GSK, said: "This
agreement with Bavarian Nordic will enable us to commit greater
resources to our key growth assets and to our R&D pipeline,
while also ensuring the continued supply of these important and
successful vaccines."
GSK will receive an upfront payment of approximately EUR301 million
(£259m) and will also receive milestone payments of EUR495
million and additional proceeds from the sale of inventory over the
course of the supply arrangements for a total consideration of up
to EUR 955m. The value of inventory at the anticipated
closing date is estimated to be EUR 159 million. EUR 25m
(£22m) of the total consideration is conditional upon future
sales performance of the two vaccines. Milestones are
payable upon successful technology transfer, marketing
authorisation transfers and the fulfilment of GSK's supply
commitments until Bavarian Nordic obtains regulatory approval to
manufacture the vaccines.
To ensure supply continuity both vaccines will continue to be
manufactured primarily at GSK's Marburg site in Germany until full
production is transferred to Bavarian Nordic. The staged
technology transfer is expected to commence in Q1 2020 with
completion anticipated within 5 years.
No employees or manufacturing facilities are being transferred as
part of this transaction. The transaction is expected to close by
the end of 2019 and is conditional upon anti-trust approval as well
as approval of Bavarian Nordic's rights issue by its
shareholders.
About Rabipur (Tradename Rabavert in US and Canada)
Rabipur is a well-established life-saving vaccine (rabies virus
causes acute invariable fatal disease) with 30 years of market
experience supported by extensive clinical and safety evidence and
WHO pre-qualification. It is indicated both in persons bitten
by suspect animals (PEP[1])
and non-immune subjects at risk of rabies (PrEP[2]).
About Encepur
Encepur is indicated for active immunization of high-risk
populations against tick-borne encephalitis (TBE). It has unique
dosing flexibility supported by proven efficacy and long-term
persistence data.
About GSK
GSK is a science-led global healthcare company with a special
purpose: to help people do more, feel better, live longer. For
further information please visit www.gsk.com.
About Bavarian Nordic
Bavarian Nordic is a Denmark-based, fully-integrated biotechnology
company specializing in the research, development and manufacture
of active cancer immunotherapies and vaccines for infectious
diseases.
GSK enquiries:
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UK Media enquiries:
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Simon Steel
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+44 (0) 20 8047 5502
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(London)
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Simon Moore
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+44 (0) 20 8047 5502
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(London)
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US Media enquiries:
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Kristen Neese
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(Philadelphia)
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Mary Rhyne
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+1 215 751 3335
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(Philadelphia)
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Analyst/Investor enquiries:
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Sarah Elton-Farr
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+44 (0) 208 047 5194
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(London)
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Danielle Smith
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+44 (0) 20 8047 7562
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(London)
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James Dodwell
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+44 (0) 20 8047 2406
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(London)
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Jeff McLaughlin
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+1 215 751 7002
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(Philadelphia)
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Cautionary statement regarding forward-looking
statements
GSK cautions investors that any forward-looking statements or
projections made by GSK, including those made in this announcement,
are subject to risks and uncertainties that may cause actual
results to differ materially from those projected. Such factors
include, but are not limited to, those described under Item 3.D
'Principal risks and uncertainties' in the company's Annual Report
on Form 20-F for 2018.
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Registered in England & Wales:
No. 3888792
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Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
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[1] Post-Exposure
Prophylaxis, i.e., after known or possible exposure to rabies
virus
[2] Pre-exposure
Prophylaxis, i.e., administered before possible exposure to rabies
virus
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
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GlaxoSmithKline plc
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(Registrant)
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Date: October
21, 2019
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By:/s/ VICTORIA
WHYTE
--------------------------
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Victoria Whyte
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Authorised
Signatory for and on
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behalf
of GlaxoSmithKline plc
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