GlaxoSmithKline director sells off shares

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.

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.

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