GSK And Pfizer Start Consumer JV For Different Reasons, Aim For Similar Goals
Big pharmas' agreement could put consumer health where Pfizer wants, entirely in its rear-view mirror, and points GSK toward what it wants, more research and development funding freed up for the pharmaceutical ingredient operations that are its chief revenue drivers. All-equity deal, giving GSK 68% control and expected to close in 2019 second half, also likely will boost investors' confidence in the firms as both have been dogged by pressure to sell, spin-off or otherwise divest their consumer businesses.
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Under Brian McNamara’s leadership, GSK Consumer Healthcare has begun to assemble a management team that combines talent from both GSK and Pfizer.
GSK and Pfizer must find a buyer for the global rights to the ThermaCare pain relief brand to receive European Commission approval for their proposed joint venture.