The board of directors of GlaxoSmithKline Pharmaceuticals, which met today, approved a proposal to divest the fine chemical business as a going concern to Thermo Electron LLS India, a subsidiary of US-based Thermo Fisher Scientific Inc, for a total consideration of Rs 240 crore.The transaction is expected to be completed by end-September 2007.The company today reported a net profit of Rs 96.43 crore for the second quarter ended June 30, 2007 as against Rs 91.06 crore in Q2FY06.According to a release issued to the BSE today, total income increased to Rs 426.82 crore from Rs 425.65 crore for the quarter ended June 30, 2006."The growth in sales of the on-going businesses was 5.2% and in profit before tax and exceptional items was 8.8%. The growth was primarily driven by focus products which registered a double digit growth. The figures for the current period are not comparable with those of the previous period in view of the sale of the animal health business on July 31, 2006," the release added.