GSK/Pfizer Tie-Up Granted Clearance In Australia and New Zealand
A two-month-long inquiry into GSK and Pfizer's proposed consumer health joint venture by Australia's Competition and Consumer Commission has found no notable areas of concern for the country's OTC market. Meanwhile, New Zealand has also given the go-ahead for the combination.
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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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