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GSK launches $890mln placement in Aspen Pharmacare - source

Reuters - UK Focus

LONDON, March 12 (Reuters) - GlaxoSmithKline (Other OTC: GLAXF - news) has launched a $890 million share sale in South African drug company Aspen Pharmacare, a source familiar with the matter said on Thursday.

GSK said earlier on Thursday that it had launched the sale of around half its holding in the company. A price range of 365-385 rand per share has been set for the placement, representing a discount of 5.3-10.2 percent to the closing price.

The share sale is being run by Citi and UBS (NYSEArca: FBGX - news) . (Reporting By Freya Berry and Vikram Subhedar; editing by Pamela Barbaglia)