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GSK sells $3.4 billion Hindustan Unilever stake in largest India block trade
May 7, 2020 4:50 AM EDTBy Scott Murdoch and Anshuman Daga
HONG KONG/SINGAPORE (Reuters) - GlaxoSmithKline (NYSE: GSK) has sold its stake in Unilever's Indian business (OTCBB: HLL) for $3.4 billion, marking India's largest block trade, which will help the British company in its goal of reinvigorating its drug development pipeline.
The transaction GSK announced on Thursday comes as it pursues a two-year programme to split into two entities after it made costly bets on experimental cancer treatments and future cell and gene therapies amid sluggish revenue growth.
The... More
