GSK and Pfizer combined their consumer healthcare businesses into a joint venture with GSK holding 68% and Pfizer 32%. The JV combined brands including Advil, Centrum, Sensodyne, and Voltaren. GSK did not pay cash but contributed its consumer healthcare business. The JV was later spun off as Haleon in July 2022. Combined revenue ~$12.7B at formation. Post-demerger, both founding parents fully exited their residual stakes: GSK in May 2024 and Pfizer in March 2025 (7.3% to nil, ~GBP2.55B/$3.3B), completing the separation.