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GSK Pharma divests unit

MUMBAI: The board of directors of GlaxoSmithKline Pharmaceuticals (GSK Pharma) approved the divestment of the company’s Qualigens Fine Chemicals (QFC) business to Thermo Electron LLS India Private Ltd., a subsidiary of Thermo Fisher Scientific Inc., a leading American company, for a consideration of Rs. 240 crore.

QFC, a division of GSK Pharma, makes and markets a range of fine chemicals, diagnostic kits and laboratory products, including glassware, culture media, instruments and filter papers.

Thermo Fisher Scientific, with revenues of $9 billion, is the leading provider of analytical instruments, laboratory equipment, reagents and consumables, software and services for research, analysis, discovery and diagnostics. As part of its continued focus on establishing a greater presence in the Asian region, the company is looking to establish a strong foundation in India for making available its extensive range of products to the fast growing Indian market.

Hasit Joshipura, Managing Director, GSK Pharma, said, “under the GSK umbrella, QFC has had an excellent track record which has enabled the business to develop into a market leader in its area, with great contributions from its excellent and skilled workforce.”

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