Reckitt Benckiser has ended talks with Pfizer over a multibillion-pound acquisition of its consumer healthcare business leaving the way clear for Glaxosmithkline to complete the deal. In a surprise statement last night, the consumer goods company behind Cillit Bang and Clearasil said its proposal had been for “part of the business only”. The Slough-based company employs about 40,000 people and is valued at almost £43 billion. New York-based Pfizer is the world’s third-largest independent biotech company, with annual revenues of about $53 billion. Reckitt was considered among the front-runners in a small field and its exit from talks potentially clears the path for Glaxosmithkline, which has previously indicated its interest in Pfizer’s consumer health brands.

Source: The Times March 22, 2018 00:00 UTC