BUSINESS LIVE: E45 brand set for £200m sale to Swedish pharma firm; Babcock sells power business for £50m; AZ vaccine boost
The iconic E45 skincare brand is set to be sold to Swedish pharmaceutical firm Karo Pharma for £200million, its Slough-based owner Reckitt Benckiser Group said on Friday.
E45’s proposed sale is part of the FTSE 100 firm’s ongoing strategy to position for higher growth, having recently divested from its IFCN business in China and its Scholl brand, and bought pain relief gel brand Biofreeze.
Babcock International Group has completed the sale of its Power business to M Group Services for a gross cash consideration of £50million.
The sale of the business, which delivered revenues of £70million and pre-tax profits of £7million in the year to 31 March, is part of Babcock’s ongoing streamlining strategy.
Pharma giant Astrazeneca scored another victory after a lab study showed its Covid-19 vaccine was effective against the Omicron variant.
The jab, developed with the University of Oxford, ‘significantly boosted’ the levels of antibodies following a third dose – matching vaccines developed by Pfizer, German outfit Biontech and Moderna.
E45 brands had a combined net revenue of £43million in the year to 31 December 2020