Blackstone and Prestige eyeing GSK portfolio: report

Mon Sep 19, 2011 10:33pm EDT

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(Reuters) - Blackstone (BX.N) is working with Prestige Brands of America to bid for a portfolio of GlaxoSmithKline (GSK.L) over-the-counter drugs in a deal worth up to 2 billion pounds ($3 billion), the Times reported on Tuesday.

The newspaper quoted a person close to the deal as saying that the bid was still in the "very early stages."

Glaxo, Britain's biggest drugmaker, has put up for sale several businesses marketing over-the-counter (OTC) products with combined revenue of around 500 million pounds.

(Reporting by Kate Holton; Editing by Steve Orlofsky)

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