Sector News

GSK completes transaction with Pfizer

August 1, 2019
Life sciences

GlaxoSmithKline (GSK) has announced the completion of its transaction with Pfizer to combine their consumer healthcare businesses into a world-leading joint venture.

Under the terms GSK has a controlling equity interest of 68% and Pfizer has an equity interest of 32% in the venture, which brings together the two highly complementary portfolios of consumer health brands, including GSK’s Sensodyne, Voltaren and Panadol and Pfizer’s Advil, Centrum and Caltrate.

Following the announcement, the joint venture will focus on completing the integration of the two businesses, which is expected to realise annual cost savings of £0.5 billion by 2022 for expected total cash costs of £0.9 billion and non-cash charges of £0.3 billion. The companies also stated that up to 25% of the cost savings are intended to be reinvested in the business to support innovation and other growth opportunities.

Brian McNamara, chief executive officer at GSK Consumer Healthcare, said that now the deal has closed, “our focus will be on completing the integration of these two businesses and leveraging their combined strength. With our portfolio of brilliant, science-based brands and strong talent and capabilities, we are well-positioned to create a world-leading consumer healthcare business with stronger sales, cash flow and contribution to earnings.”

As previously announced, GSK intends to de-merge the venture from the company within three years and to list the GSK Consumer Healthcare business on the UK equity market.

By: Anna Smith

Source: Pharma Times

comments closed

Related News

January 23, 2022

UCB to acquire Zogenix

Life sciences

UCB (Euronext: UCB) and Zogenix (NASDAQ: ZGNX) announced that the companies have entered into a definitive agreement under which UCB would acquire Zogenix, Inc., a global biopharmaceutical company commercializing and developing therapies for rare diseases.

January 23, 2022

argenx announces VYVGART™ approval in Japan for the treatment of generalized myasthenia gravis

Life sciences

argenx SE, a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, announced that Japan’s Ministry of Health, Labour and Welfare (MHLW) has approved VYVGART™ (efgartigimod alfa) intravenous infusion for the treatment of adult patients with generalized myasthenia gravis (gMG) who do not have sufficient response to steroids or non-steroidal immunosuppressive therapies (ISTs).

January 23, 2022

GlaxoSmithKline rejects Unilever’s $68B consumer health buyout offer, but a bigger bid is brewing

Life sciences

GSK has rejected three offers from Unilever to buy GSK’s consumer health unit, the company said Saturday. The latest offer from the fellow U.K. consumer goods giant, received Dec. 20 for a total value of 50 billion pounds ($68 billion), “fundamentally undervalued” the business and its prospects, GSK said.

Send this to a friend