GlaxoSmithKline cut 300 jobs as part of shuttering its antibiotics production in the UK. This was the result of a $500 million product sale to Novartis Sandoz. Under the terms of the deal, Sandoz is paying GSK $350 million at closing and additional milestones up to $150 million. The agreement includes global rights to three brands, Zinnat, Zinacef and Fortum in more than 100 countries.
GSK was dividing itself into two companies, one focused on over the counter (OTC) products and the other on prescription drugs and vaccines. GSK indicated the deal aligns with its strategy of prioritizing and simplifying its portfolio while investing in its R&D pipeline and new product launches.
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