SmithKline Beecham
Executive Summary
Sells Margaret Astor and Lancaster cosmetics and skin care businesses to West German firm Joh. A. Benckiser GmbH for $358 mil., about 11 times operating profits. The cosmetics units had combined sales of $426 mil. and operating income of $32 mil. in 1989. The sale is expected to close in about one month. In December, Benckiser bought SB's North American household products business for $106 mil. To date, SB has generated $1.17 bil. from its "planned disposal program," the firm reported. The plan was announced at the time of the merger last year. In April, the company sold its Yardley/Lentheric cosmetics interest for $182 mil., just slightly above earnings for 1989, and also divested 32 small OTC brands for about $52 mil.
You may also be interested in...
Chinese Firms Up Their Game In Novel Flu Antiviral Development
Joincare Pharmaceutical and partner TaiGen Biotechnology tout preliminary Phase III results in uncomplicated acute influenza for TG-1000, a homegrown follower of Shionogi/Roche’s oral antiviral Xofluza. Novel antivirals for flu were hotly pursued by Chinese developers throughout 2023.
Quotable: Words Of Wisdom From Our Recent APAC Coverage
Scrip's APAC team selects notable quotes from recent interviews, conferences and other coverage to highlight the views of senior executives and officials on the major topics facing the biopharma sector in the region.
Generic Or Innovator? Sandoz Sues CMS Over Potential Change In Rebate Classification
Sandoz argued against paying higher rebates for two of its drugs via the Centers for Medicare and Medicaid Services’ Medicaid drug rebate program in a US court six years after the suggestion was first made.