GlaxoSmithKline says it has sold its line of Lucozade and Ribena drinks brands to Suntory Beverage & Food Ltd. of Japan as part of the British company's effort to focus on its core pharmaceutical and health-care businesses.
Glaxo said Monday that it had agreed to sell the two brands to the Japanese consumer goods group for 1.35 billion pounds ($2.12 billion).
The two brands are pimarily sold in the U.K., Australia and New Zealand.
Ribena's blackcurrant drink dates back to 1938 and was distributed freely during the Second World War as a source of Vitamin C. Lucozade, originally known as Glucozade, was launched in in 1927 as an aid to recovery aid before becoming popular as a sports drink.
"Lucozade and Ribena are iconic brands that have made a huge contribution to GSK over the years, but now is the right time to sell them as we increase the focus of our consumer healthcare business and execute the delivery of our late stage pipeline of pharmaceuticals and vaccines," GSK's chief strategy officer, David Redfern, said.
Suntory Beverage & Food Ltd. is part of the Osaka-based Suntory Group, which is known for producing Japan's first whiskey and owns the beverage business Orangina Schweppes. It runs a series of subsidiaries whose concerns include food, supplements, flowers, and fitness.
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