Less than a year after buying out Novartis’ interest in a joint consumer products venture, GlaxoSmithKline Plc has reached an agreement with Pfizer Inc to set up a new consumer products venture with expected sales of £9.8 billion.
Within three years of the closing of the transaction, GSK plans to separate the joint venture via a demerger of its equity interest and list the venture on the UK equity market. This would leave two GSK listed companies: one focused on consumer healthcare and the other on pharmaceutical and vaccine R&D.