Glaxo may add Boots' over-the-counter drug maker to its stable

At its annual general meeting Glaxo chief Jean-Pierre Garnier said such a move would boost its current line of non-prescription medicines.

Boots announced the planned sale of its Healthcare International unit in April.

Analysts had suggested Glaxo could be a potential buyer, but also said they expected plenty of interest from private equity groups.

"We are looking at the Boots opportunity when that becomes available, which is not now but in July," Mr Garnier added.

Sell off

However, Mr Garnier was keen to stress that such a purchase did not mean Glaxo was moving into the world of generic drugs.

Experts predict Boots' will raise between �1bn and �1.2bn with the sale of the group which makes over-the-counter medicines such as Nurofen and Clearasil.

While Glaxo is the first name to go on record with its interest in the sale, Boots' chief executive Richard Baker said last week that he was confident of a good level of interest.