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This excerpt taken from the ELN 6-K filed Apr 11, 2005. (D) Other Ordinary Activities We recognised a gain of $293.3 million on the sale of certain businesses as part of our recovery plan. In June 2003, we completed the sale of our primary care franchise, comprising of Skelaxin and Sonata, to King Pharmaceuticals, Inc. (“King”).
On completion, we received a net cash payment of $510.9 million from King, representing the total consideration, before agreed price adjustments and expenses. The gain amounted to $284.8 million. In July 2003, we sold a transdermal technology business to Nitto Americas for a cash consideration of $45.0 million before expenses. The loss amounted to $30.3 million. In December 2003, we completed the sale of the Pain Portfolio business to aaiPharma Inc. (“aaiPharma”). The total consideration was $101.8 million, comprising a cash payment to us of $50.4 million and the assumption, by aaiPharma, of $51.4 million of our product payment obligations to Roxane. We recorded a net gain of $40.2 million on the transaction. Other businesses divested by us in 2003 were its operations in the Philippines and Taiwan, a Spanish primary care business, a U.K. drug delivery business and an Italian manufacturing business. The total net loss on these divestments amounted to $1.4 million. |
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