Glaxo Wellcome and SmithKline Beecham have agreed to merge, in a dealwhich will create the largest pharmaceutical company in the world with a market capitalization of some L114 billion ($186.65 billion), annual sales of around L15 billion and a global market share estimated at 7.3%. The announcement ends weeks of speculation and comes two years after the two firms' aborted attempts to merge (Marketletters passim).
The new entity, to be called Glaxo SmithKline, is described by the two firms as a merger of equals, though GW shareholders will own 58.75% of the company. GSK's chief executive will be Jean-Pierre Garnier, who will assume that role at SB in April (replacing Jan Leschly), while Sir Richard Sykes, GW's chairman, will become non-executive chairman. The group's board will consist of 14 directors, split equally between GW and SB.
40,000-strong sales force
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