4th Feb 2015 16:24
LONDON (Alliance News) - Pharmaceutical giant GlaxoSmithKline said Wednesday that it is selling its 7.9% stake in Danish biotechnology company Genmab A/S via a share placing.
GlaxoSmithKline currently holds 4.47 million shares in Copenhagen-listed Genmab. The stock closed Wednesday at DKK471.00, making Glaxo's stake worth DKK2.11 billion or GBP212.4 million.
In a statement Wednesday, Glaxo said that since its decision to sell its marketed Oncology portfolio to healthcare provider Novartis Pharma AG in April last year, it has considered its stake in Genmab to be a "non-core asset".
Deutsche Bank is leading the placing.
Glaxo said the outcome of the placing will be announced on Thursday.
Back in November, Genmab said that it had entered into an agreement with GlaxoSmithKline and Novartis to transfer the ofatumumab collaboration with GSK to Novartis.
GlaxoSmithKline shares were up 1.7% at 1,478.00 pence just before the market close Wednesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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