GlaxoSmithKline has moved higher after raising £425m by selling part of its stake in South African drugmaker Aspen Pharmacare.
Glaxo disposed of 28.2m shares in Aspen, leaving it with 12.4% of the business. It will retain a seat on the board of the business and has agreed not to sell any further shares for at least six months. Glaxo's head of strategy David Redfern said ahead of the completion of the sale:
Glaxo has a long and successful partnership with Aspen - and our investment in the company has grown in value significantly over time.
Having assessed this investment we have now decided to realise some of this value without altering the basis of the partnership.
Glaxo shares are currently 8.5p better at 1636.5p.
