Pharma BD Deal Intelligence
A GSK-Pfizer consumer healthcare joint venture that combined Advil, Centrum, Sensodyne, and Voltaren into a business with $12.7B in formation revenue. The venture later spun off as Haleon in 2022, with both founding parents fully exiting their stakes by 2025.
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.
GSK (68%) and Pfizer (32%) combined consumer healthcare businesses. Brands include Advil, Centrum, Sensodyne.
JV demerged from GSK as Haleon plc. Listed on LSE. One of largest consumer healthcare companies globally.
GSK sold its entire residual Haleon stake in May 2024; Pfizer completed its full exit (7.3% to nil) on 18-19 March 2025, raising ~GBP2.55B (~$3.3B). Both 2018 JV founders are now fully separated from Haleon, completing the unwind that began with the 2022 demerger.
JV led to Haleon spin-off (~$30B market cap at listing). Clean separation of consumer and pharma businesses.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| GSK plc / Pfizer Inc. (this deal) | 2018 | $0.0M | 77 |
| GSK plc / SmithKline Beecham | 2000 | $12.0B | 79 |
| GSK plc / Novartis AG | 2014 | $16.0B | 76 |
| GSK plc / Hansoh Pharmaceutical Group Co. Ltd. | 2023 | $1.7B | 74 |
| GSK plc / Nuvalent, Inc. | 2026 | $10.6B | 70 |
| GSK plc / Sierra Oncology Inc. | 2022 | $1.9B | 70 |
| GSK plc / Human Genome Sciences | 2012 | $3.6B | 70 |
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More: 2018 deals · GSK plc deals