GSK seeks buyer for European non-core drugs portfolio

GlaxoSmithKline has resumed the hunt for a buyer for the European slice of its non-core drugs portfolio, with buyout firms and rival drug companies in the running to cherry pick consumer health brands, people with knowledge of the process said.

Among the groups circling the assets, buyout firm Bain Capital has teamed up with Belgian over-the-counter drugs group Omega Pharma and Dutch private equity group Waterland to pursue a bid, the sources said.

Bids for the European portfolio are due Wednesday, with pharma groups including Sanofi, and private equity firms including Advent International and Avista, expected to be eyeing the portfolio, according to the sources.