British drugmaker GlaxoSmithKline said Thursday that it would sell a stable of well-known European over-the-counter brands, including Nytol sleep aid, to Belgium's Omega Pharma.
"GSK today announced that it has reached agreement to divest the previously identified non-core OTC brands in Europe to Omega Pharma for 470 million euros ($614 million) in cash," the London-listed company said in a statement.
The divestment was expected to be completed in the second quarter but remains subject to regulatory approvals.
GSK revealed in February 2011 that it would seek to sell non-core consumer healthcare products, predominantly in the United States and Europe, to concentrate on priority brands and markets.
In December, it sold a clutch of North American non-prescription drug brands for £426 million to the US group Prestige Brands Holdings.