GlaxoSmithKline unveiled a strategic overhaul that includes a plan to sell a wide range of generic medicines under a pioneering deal with Aspen of South Africa to boost sales in emerging markets.

The pharmaceuticals group has negotiated first right of refusal to sell and share profits on any of the 1,200 generic products owned by Aspen for markets outside Africa. It will use this to strengthen its presence in India and other fast-growing developing countries.