BRIEF—Now GSK says 'no' to Pfizer consumer business

What seemed set to be a fierce bidding war for Pfizer’s Consumer Healthcare business, thought to carry a price tag of up to $20 billion, has lost another contender.

This morning, GlaxoSmithKline chief executive Emma Walmsley issued a brief statement confirming the UK pharma major has withdrawn from the process relating to Pfizer’s business.

“While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation,” said Ms Walmsley who, prior to taking over the helm of the GSK group last year was head of GSK’s consumer operations.

Both GSK and UK based Reckitt Benckiser had submitted final bids this week ahead of a deadline on Wednesday, with the GSK bid reportedly the higher one, and Reckitt pulled out, preferring to focus on integrating its recently acquired Mead Johnson infant nutrition business.

Where that now leaves Pfizer is unclear.