GSK completes the transaction with Pfizer and establishes a new global leading joint venture of consumer health products

August 1, 2019 / Meitong news agency / -- on August 1, GlaxoSmithKline (LSE / NYSE: GSK) announced that it had completed the transaction with Pfizer, integrated the consumer health products business of both parties, and established a global leading joint venture In the new joint venture, GlaxoSmithKline (hereinafter referred to as "GSK") holds 68% of the shares and holds a controlling interest, while Pfizer holds 32% The joint venture combines the highly complementary and popular consumer healthcare brands of the two companies, including GSK's comfort Da, Futalin and Billiton, and Pfizer's Advil, Shancun and Caltech Based on scientific innovation, the joint venture has become a global leader in the field of OTC products, while ranking first or second in market share in all key regions (including the United States and China) After the announcement on August 1, the joint venture will focus on the integration of the two companies' businesses By 2022, this is expected to save £ 500 million per year, with a total cash cost of £ 900 million and non cash expenses of £ 300 million Up to 25% of the cost savings will be reinvested in the business to support innovation and other growth opportunities Brian McNamara, chief executive of GSK consumer health products, said: "now, the deal is over We will focus on the integration of the two companies' businesses and take advantage of the combination We have a great, science based brand portfolio, excellent talents and capabilities We are ready to build a leading global consumer health products company with higher sales, better cash flow and more profits " As previously announced, GSK plans to divest the joint venture from its parent company within three years and list its consumer health products business on the UK stock market "The completion of the joint venture with Pfizer marks the start of the next phase of GSK's transformation," said Emma Walmsley, CEO and chairman of the joint venture This is an important moment for the group This laid the foundation for two great companies, one in consumer health and one in prescription / vaccine " China is one of the most important over-the-counter drug markets in the world The combined GSK consumer health products China will strengthen its leading position in the fields of pain management, respiratory health, nutritional supplements and therapeutic oral health care The merger will bring together many excellent brands loved by Chinese consumers, including fenbide, comfort Da, Futalin, baiduobang, fushuliang, baolijing, xinkangtaike, lanmeishu of GSK consumer health products, as well as Shancun, calcium, Qianlin, huifeining, Imedeen and emergen-c of Pfizer health drugs, which will further meet the needs of the public from daily health maintenance to disease treatment The overall needs of After the joint venture, GSK consumer health products will help more Chinese consumers better manage their own health and support the promotion and implementation of the "healthy China 2030" plan After the establishment of the joint venture, Ms Gu Haiying, who used to be the general manager of Pfizer health drugs in China, will be the general manager of GSK consumer health products in Greater China Source: GlaxoSmithKline consumer health products