GlaxoSmithKline may be interested in buying the medicines division of Boots, the pharma firm has revealed.

At the group’s annual general meeting yesterday GSK’s chief executive Jean-Pierre Garnier said: “We are looking at the Boots opportunity when it becomes available.”

The Boots medicines division includes brands such as Nurofen, Strepsils and Clearasil and has been valued at approximately £1bn.

Boots is expected to put the division up for sale in July this year.