Emma Walmsley, chief executive of Glaxosmithkline, said that the deal would benefit the company and shareholders ReutersGlaxosmithkline and America’s Pfizer are creating a giant consumer healthcare joint venture in a deal that will lead to the break-up of the British pharmaceutical company. The proposed new business will be the biggest in the world in the “over-the-counter” healthcare market, with annual revenue of £9.8 billion. Within three years of closing of the deal Glaxo intends to separate and float the joint venture in London, which will be one of two separate companies: one focused on consumer healthcare and the other on pharmaceuticals and vaccines. Glaxo will own 68 per cent of the joint venture, with the American company holding the rest. It will put the smoking cessation products Nicotinelle, the cold and flu treatments Night Nurse and Beechams and the hayfever treatment…

Source: The Times December 19, 2018 09:00 UTC