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GSK to name consumer healthcare unit ‘Haleon’ after spin-off -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: GlaxoSmithKline’s (GSK), logo can be seen at the top of GSK Asia House, Singapore, 21 March 2018. Picture taken March 21, 2018. REUTERS/Loriene Perera/File Photo

(Reuters] – GlaxoSmithKline, (NYSE:), announced on Tuesday it had acquired a Consumer Healthcare Venture with GlaxoSmithKline Pfizer Haleon will replace NYSE:, the British drugmaker has confirmed that the company will be spun-off in the middle of 2022. This is after it rejected offers from Unilever (NYSE :).

GSK declared plans last June to sell the company. The business includes Advil painkillers and Sensodyne toothpaste.

Unilever’s December bid of 50 billion pounds ($68 billion) for consumer healthcare was rejected by the British group. The British group said that it will reveal more information at an investor meeting at the end.

GSK will give stock to shareholders in its new consumer health group equal to at least 80 percent of the 68% that GSK holds. Pfizer holds the 32% remaining.

Some activists investors called for GSK to consider selling the unit. These investors also question the capability of the top management to increase drug development success rates, which GSK is long behind its peers.

($1 = 0.7376 pounds)

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