New Delhi, June 26 : UK-based consumer healthcare company Haleon on Wednesday announced that it has entered into an agreement to sell its nicotine replacement therapy (NRT) business outside of the US to Dr Reddy's Laboratories SA for 500 million pounds (about $632.55 million).

This portfolio consists of brands including Nicotinell, Nicabate, Habitrol and Thrive available in gum, lozenge, and patch forms across over 30 markets, the company said.

"The divestment of Haleon's NRT business outside of the US is a further example of Haleon being proactive in managing its portfolio and is consistent with our strategy as we implement change to become more agile and competitive," Brian McNamara, CEO of Haleon, said in a statement.

This divestment will allow Haleon to exit the NRT category outside of the US and will reduce complexity across the business allowing increased focus on strategic growth areas, the company stated.

The financial results of the NRT business represented net revenue of 217 million pounds (about $274 million) for the financial year ended December 31, 2023. This divestment, expected to close in early Q4 2024, will allow Haleon to improve focus on its strategic growth areas.

/IANS