Jean Stphenne, president and general manager of Biologicals at GlaxoSmithKline, has sold off 20,000 shares just days after the firm off-loaded its Consumer Healthcare Consumer Healthcare over-the-counter brands.
The director, who sold the shares at £14.408, has overseen Biologicals since 1991.
Earlier this week GSK announced that it has now reached an agreement with Prestige Brands Holdings to sell the non-core US and Canadian brands for £426m cash.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The brands, which include Goody's, Fiber Choice and Tagamet, generated sales of £134m in 2010 and £98m in the first nine months of this year. The net profit from their disposal (including transaction costs) will be around £240m pre-tax.
Glaxo said that the net cash proceeds from this transaction will be returned to shareholders from next year.
Meanwhile, the process of divesting the remaining brands continues, but the group assured that any net proceeds from these future sales will be returned to shareholders.
Top Director Buys
Canaccord Financial Inc. (CF.)
Director name: Mr David Kassie
Amount purchased: 150,000 @ 459.61p
Value: £689,415
Canaccord Financial Inc. (CF.)
Director name: Mr Michael Deane Harris
Amount purchased: 14,000 @ 457.33p
Value: £64,026
Mam Funds (MMF)
Director name: Mr Graham Hooper
Amount purchased: 522,021 @ 18.50p
Value: £96,574
Canaccord Financial Inc. (CF.)
Director name: Mr Paul Reynolds
Amount purchased: 8,900 @ 441.17p
Value: £39,264
Mam Funds (MMF)
Director name: Mr Robert E Clarke
Amount purchased: 261,011 @ 18.50p
Value: £48,287
Canaccord Financial Inc. (CF.)
Director name: Mr James Allen Pattison
Amount purchased: 4,700 @ 450.49p
Value: £21,173
Sierra Rutile Ltd (SRX)
Director name: Mr Jan Alex Castro
Amount purchased: 75,000 @ 33.30p
Value: £24,975
IFG Group (IFP)
Director name: Mr Gary Owens
Amount purchased: 21,000 @ 100.00p
Value: £21,000
Goodwin Plc (GDWN)
Director name: Mr Andrew J. Baylay
Amount purchased: 1,200 @ 1,182.50p
Value: £14,190
Ceramic Fuel Cells Ltd. (CFU)
Director name: Ms Janine Hoey
Amount purchased: 100,000 @ 6.77p
Value: £6,770
__
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
