The brands being divested include BC, Goody's, Beano, Ecotrin, Fiber Choice and Tagamet and generated sales of approximately Â£134m in 2010 and Â£98m in the first nine months of this year.
It is expected the divestment will complete in first half of 2012, subject to regulatory approvals.
The net cash proceeds from the transaction are expected to be approximately Â£242m.
These will be returned to shareholders during 2012.
At 1:28pm: [LON:GSK] GlaxoSmithKline share price was -24.75p at 1425.25p
Story provided by StockMarketWire.com