British drug major GlaxoSmithKline (LSE: GSK) and US giant Pfizer (NYSE: PFE) this morning announced their intention to combine their consumer health businesses into a new world-leading joint venture, with combined sales of approximately £9.8 billion ($12.7 billion).
GSK will have a majority controlling equity interest of 68% and Pfizer will have an equity interest of 32% in the JV, and lays the foundation for the separation of GSK to create two new UK-based global companies focused on pharmaceuticals and vaccines and consumer healthcare. GSK’s shares jumped 7.29% to 1,553.80 pence soon after markets opened this morning.
GSK has already significantly expanded it consumer arm, buying out Switzerland-based Novartis’ (NOVN: VX) share in a consumer JV earlier this year for $13 billion.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze