Blackstone Mulls Bid for Glaxo Portfolio

Blackstone is working with Prestige Brands of America to bid on a portfolio of over-the-counter drugs owned by GlaxoSmithKline, Reuters reported. The deal is worth a reported 2 billion pounds ($3.1 billion), according to the Times. GlaxoSmithKline recently put up for sale several businesses marketing over-the-counter products.

(Reuters) – Blackstone (BX.N) is working with Prestige Brands of America to bid for a portfolio of GlaxoSmithKline (GSK.L) over-the-counter drugs in a deal worth up to 2 billion pounds, the Times reported on Tuesday.

The newspaper quoted a person close to the deal as saying that the bid was still in the “very early stages.”

Glaxo, Britain’s biggest drugmaker, has put up for sale several businesses marketing over-the-counter (OTC) products with combined revenue of around 500 million pounds. (Reporting by Kate Holton; Editing by Steve Orlofsky)