GSK completes joint-venture deal with Pfizer
Drugs giant GlaxoSmithKline (GSK) has finalised the tie-up of its consumer healthcare business with Pfizer.
The joint venture - of which GSK will have 68% equity and Pfizer the remaining 32% - is expected to generate cost savings of £500m by 2022, with a quarter of this sum intended to be reinvested in the business.
Brian McNamara, chief executive, GSK Consumer Healthcare, said: "Now the deal has closed, our focus will be on completing the integration of these two businesses and leveraging their combined strength.
"With our portfolio of brilliant, science-based brands and strong talent and capabilities, we are well-positioned to create a world-leading business."