South Africa's Aspen unit to buy drug portfolio from GSK

JOHANNESBURG (Reuters) - Aspen Pharmacare (APNJ.J) said on Wednesday its subsidiary, Aspen Global, will pay 172 million pounds ($269.79 million) for GlaxoSmithKine Plc's (GSK.L) pharmaceutical products distributed in Australia.

Aspen said in a statement that the purchase price for the 25 pharmaceutical products was subject to a small reduction should the deal not be completed by October 31.

It said the deal will be funded from new offshore debt facilities and that Aspen Australia was expected to distribute the products.

The deal was subject to regulatory approvals from Australian authorities, the company said.

Aspen also announced in April that it would pay $263 million for GSK's international over-the-counter brands.

(Reporting by Olivia Kumwenda; Editing by David Cowell)