GlaxoSmithKline plc / Pfizer Inc. (Consumer Healthcare Division)
2018 · Asset Purchase · $12.7B · Complete
Announcement Sentiment
70
Positive
Outcome Score
76
Worked — the deal delivered on its rationale.
GSK and Pfizer combined their consumer healthcare businesses into a new joint venture, creating the world's largest OTC consumer healthcare company with ~$12.7B in combined annual sales. GSK contributed its consumer healthcare business and retained a 68% stake; Pfizer contributed its consumer healthcare business for a 32% equity stake. Pfizer received board representation (3 of 9 seats). The JV expected $650M in peak cost synergies. GSK later demerged the business as Haleon plc in July 2022.