Pfizer: pools consumer health in joint venture with GSK

(CercleFinance.com) - GlaxoSmithKline and Pfizer are combining their consumer health businesses into a new joint venture that is 68% owned by GSK and 32% owned by Pfizer, the companies said on Wednesday.


The deal will bring together two "highly complementary portfolios" of consumer health brands, including GSK's Sensodyne, Voltaren and Panadol and Pfizer's Advil, the drugmakers said.

As a reminder, Glaxo recently bought out Novartis' stake in its consumer healthcare unit.

For GSK, the transaction paves the way for separation into two new UK-based global companies focused on pharmaceuticals/vaccines on one hand, and consumer healthcare on the other.

GSK recently stated that its key priority was strengthening its pharmaceuticals business over the next few years.

The firm plans to separate the joint venture via a demerger of its equity interest and a listing of its consumer healthcare unit on the UK stockmarket.

For the record, GSK and Pfizer already pooled in 2009 their HIV/AIDS businesses into a new company named "ViiV," which has proved to be a success.

Copyright (c) 2018 CercleFinance.com. All rights reserved.