- Pfizer (NYSE:PFE) and GlaxoSmithKline (NYSE:GSK) have closed their combination of consumer healthcare brands, creating the world’s largest over-the-counter business. GSK owns 68% of the joint venture while PFE own 32%.
- GSK plans to separate the new organization as an independent company via a demerger of its equity interest to its shareholders. Shares will be listed on the UK equity market. The timing of the move has not been decided yet, but GSK has five years to do so and may also decide to sell all or part of its stake in an IPO.
- The joint venture was first announced in December 2018.
Date: August 05, 2019
Source: Seeking Alpha