GlaxoSmithKline PLC Regulatory update on transaction with Novartis (1246Y)
November 27 2014 - 2:00AM
UK Regulatory
TIDMGSK
RNS Number : 1246Y
GlaxoSmithKline PLC
26 November 2014
GlaxoSmithKline plc
REGULATORY UPDATE ON TRANSACTION WITH NOVARTIS
GlaxoSmithKline plc (LSE/NYSE: GSK) is today providing this
update to its announcement of 22 April 2014 relating to the major
three-part transaction with Novartis AG (the "Original
Announcement").
The U.S. Federal Trade Commission ("FTC") has voted to approve
GSK's proposed acquisition of Novartis's vaccines business
(excluding influenza vaccines) and the proposed creation of a
consumer healthcare joint venture between GSK and Novartis. The
vote in support of the consumer healthcare transaction follows
Novartis's agreement to divest Habitrol, its private label nicotine
replacement therapy (NRT) transdermal patch business in the U.S. as
a condition to obtaining FTC approval. This business was already to
be excluded from the proposed joint venture and it has been
announced previously that an agreement has been reached to divest
the business to Dr. Reddy's Laboratories SA.
The closing of the three-part transaction with Novartis remains
subject to certain other conditions described in the Original
Announcement, including remaining antitrust clearances and GSK
shareholder approval. Subject to these conditions, the Transaction
is expected to complete during the first half of 2015.
V A Whyte
Company Secretary
26 November 2014
GSK - one of the world's leading research-based pharmaceutical
and healthcare companies - is committed to improving the quality of
human life by enabling people to do more, feel better and live
longer. For further information please visit www.gsk.com.
GSK enquiries:
UK Media enquiries: David Mawdsley +44 (0) 20 8047 (London)
5502
Simon Steel +44 (0) 20 8047 (London)
5502
Sarah Spencer + 44 (0) 20 8047 (London)
5502
US Media enquiries: Stephen Rea +1 215 751 4394 (Philadelphia)
Sarah Alspach +1 202 715 1048 (North Carolina)
Mary Anne Rhyne +1 919 483 0492 (North Carolina)
Analyst/Investor Ziba Shamsi +44 (0) 20 8047 (London)
enquiries: 5543
Tom Curry + 1 215 751 5419 (Philadelphia)
Gary Davies +44 (0) 20 8047 (London)
5503
James Dodwell +44 (0) 20 8047 (London)
2406
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
In accordance with LR10.4.2R(2), GSK confirms that, save as
disclosed in this announcement, there has been no significant
change affecting any matter contained in the Original Announcement
and no other significant new matter has arisen which would have
been required to be mentioned in the Original Announcement if it
had arisen at the time of the preparation of the Original
Announcement.
Information regarding forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will", or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
announcement and include, but are not limited to, statements
regarding GSK's intentions, beliefs or current expectations
concerning, among other things, GSK's business, results of
operations, financial position, prospects, growth, strategies and
the industry in which it operates as well as those of the Novartis
businesses that are the subject of the transaction. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance
and the actual results of GSK's operations and financial position,
and the development of the markets and the industry in which GSK
operates, may differ materially from those described in, or
suggested by, the forward-looking statements contained in this
announcement. The same applies in respect of the Novartis
Businesses that are the subject of the transaction. In addition,
even if the results of operations, financial position and the
development of the markets and the industry in which GSK operates
are consistent with the forward-looking statements contained in
this announcement, those results or developments may not be
indicative of results or developments in subsequent periods. A
number of factors could cause results and developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, changes in
regulation, currency fluctuations, changes in its business
strategy, political and economic uncertainty and other factors
discussed in this announcement.
Forward-looking statements may, and often do, differ materially
from actual results. Any forward-looking statements in this
announcement speak only as of their respective dates, reflect GSK's
current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to GSK's operations, results of operations and
growth strategy. You should specifically consider the factors
identified in this document, in addition to the risk factors that
may affect GSK's operations which are described under "Risk
Factors" in the Company's 2013 Annual Report on Form 20-F, which
could cause actual results to differ before making any decision in
relation to the Transaction as well as those of the Novartis
businesses that are the subject of the transaction. Subject to the
requirements of the FCA, the London Stock Exchange, the Listing
Rules and the Disclosure and Transparency Rules (and/or any
regulatory requirements) or applicable law, GSK explicitly
disclaims any obligation or undertaking publicly to release the
result of any revisions to any forward-looking statements in this
announcement that may occur due to any change in GSK's expectations
or to reflect events or circumstances after the date of this
announcement.
Registered in England & Wales:
No. 3888792
Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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