Deals
Glaxo-Pfizer Deal Creates Biggest Over-the-Counter Drug Supplier
- New entity to trade on U.K. stock market within three years
- Deal combines Advil, Panadol in prelude to Glaxo breakup
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GlaxoSmithKline Plc paved the way for a split into two companies, agreeing to create a consumer-health joint venture with Pfizer Inc. to be listed on the stock market, sending the U.K. company’s shares to their biggest gains in a decade.
Glaxo will have a 68 percent controlling stake in the new entity, with combined sales of $12.7 billion and led by Brian McNamara, the CEO of the U.K. pharmaceutical giant’s consumer arm. The deal lets Pfizer exit a business after a yearlong sale process failed to find a buyer.