Lays foundation for separation of GSK to create two new UK-based global companies focused on Pharmaceuticals/Vaccines and Consumer Healthcare.
GlaxoSmithKline plc (GSK) has reached an agreement with Pfizer Inc to combine their consumer health businesses into a new joint venture, with combined sales of approximately US$12.7 billion.
GSK will have a majority controlling equity interest of 68 percent and Pfizer will have an equity interest of 32 percent in the joint venture.
The new joint venture will bring together two highly complementary portfolios of trusted consumer health brands, including GSK’s Sensodyne, Voltaren and Panadol and Pfizer’s Advil, Centrum and Caltrate. It will be a category leader in pain relief, respiratory, vitamin and mineral supplements, digestive health, skin health and therapeutic oral health.
The joint venture will be the global leader in OTC products with a market share of 7.3 percent ahead of its nearest competitor at 4.1 percent and have number 1 or 2 market share positions in all key geographies, including the U.S. and China.