9th Oct 2014 12:06
LONDON (Alliance News) - South Africa's Aspen Pharmacare Holdings Limited said Thursday that Aspen Global Incorporated or "AGI", a wholly owned subsidiary of Aspen Holdings Incorporated, has entered into an agreement with GlaxoSmithKline (GSK, GSK.L) whereby GSK will take an equity stake in Aspen's newly established subsidiary in Japan named Aspen Japan K.K.
In terms of this agreement Aspen will hold a 75% equity share in Aspen Japan, while GSK will hold a 25% share. It is intended that Aspen Japan will, where feasible, be the conduit through which Aspen Pharmacare will conduct its commercial operations in Japan in a strategic alliance with GSK.
As per the agreement, AGI will transfer the marketing authorisations and grant perpetual distribution rights to Aspen Japan for all products currently being marketed and distributed on behalf of Aspen in Japan.
GSK will transfer the marketing authorisations and grant distribution rights to Aspen Japan for certain mature products in GSK's portfolio.
GSK will provide Aspen Japan with a pipeline of authorized generics for a number of GSK's products.
AGI will offer Aspen Japan the rights to all future products that it acquires or licenses in Japan; and AGI will be responsible for the management of Aspen Japan and for the commercialization of all the products in Aspen Japan's portfolio.
Completion of this agreement will be subject to a number of conditions precedent, one of which is Aspen Japan obtaining accreditation as a Marketing Authorisation Holder from the relevant Japanese regulatory authority.
Copyright RTT News/dpa-AFX
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