Glaxo has been distributing the drug, which was developed by Biovail, in the United States since September 2003, but it has faced fierce competition and first quarter sales were down 70% from a year ago.
Deirdre Connelly, president of North American pharmaceuticals, said: “We are actively reshaping our US business and managing the transition occurring in our product portfolio.
“This transaction is one of a series of actions we are taking to maximise the value of our current assets and to enable us to resource and invest in new products and upcoming launches.”
Outside the US, Glaxo will retain rights to Wellbutrin XL, but it has signalled its intention to continue to reshape its US operations.
The news comes after figures showed Glaxo, the world’s second most profitable drug manufacturer, saw a 13% drop in first quarter profits after a poor performance in its U. pharmaceutical business.
Copyright Press Association 2009