Pharma BD Deal Intelligence
Glaxo Wellcome plc and SmithKline Beecham plc merged on January 17, 2000 in a stock-for-stock merger of equals valued at approximately $76 billion, closing December 27, 2000 to form GlaxoSmithKline plc — at the time the world's largest pharmaceutical company with combined revenues of ~$25 billion and the sector's largest R&D budget. Glaxo Wellcome shareholders received ~58.75% of the combined entity; SmithKline Beecham shareholders ~41.25%. The combined franchise anchored #1 or #2 global leadership in HIV/antivirals (Combivir, Ziagen, Trizivir), vaccines (Engerix-B, Infanrix, Havrix, Varilrix), respiratory (Seretide/Advair, Ventolin, Flovent), antibiotics (Augmentin), CNS (Paxil/Seroxat, Wellbutrin), and OTC consumer health (Panadol, Tums, Aquafresh). Jean-Pierre Garnier (ex-SKB) became CEO; Sir Richard Sykes (ex-Glaxo) became non-executive chairman. The merger established the template for the large-pharma consolidation wave of the 2000s (Pfizer/Warner-Lambert, Pfizer/Pharmacia, Sanofi/Aventis).