GSK board approves QFC's disinvestment to Thermo Electron

Mumbai, July 26 (UNI) Directors of GlaxoSmithKline Pharmaceuticals today approved the divestment of the Company's Qualigens Fine Chemicals (QFC) business to Thermo Electron LLS India Private Limited, a subsidiary of Thermo Fisher Scientific, a leading American Company, for a total consideration of Rs 240 crore.

Qualigens Fine Chemicals (QFC), a division of GlaxoSmithKline Pharmaceuticals, manufactures and markets a range of fine chemicals, diagnostic kits and laboratory products, including glassware, culture media, instruments and filter papers. QFC is the market leader in India for laboratory chemicals with an extensive distribution network covering the entire country.

Thermo Fisher Scientific, with revenues of USD 9 billion, is the leading provider of analytical instruments, laboratory equipment, reagents and consumables, software and services for research, analysis, discovery and diagnostics.

GlaxoSmithKline managing director Dr Hasit Joshipura, in a statement here today 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. The business has great potential and significant value would be unlocked through its appropriate placement within a global leader in laboratory chemicals and allied products.'' UNI