GSK And Pfizer Agree To Divest ThermaCare To Win EU Approval For JV
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.
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Bridges Consumer Healthcare launched by former Sanofi executives gets its first brand by acquiring North American rights to Pfizer’s ThermaCare HeatWraps brand. Pfizer divested the brand so European regulators would give antitrust clearance to its consumer JV with GSK.
Italy's Angelini expects its acquisition of the ThermaCare pain-relief line to spur the company's European growth ambitions in the consumer healthcare market.
GSK is plotting further divestments into next year as it looks to focus its portfolio on key categories and raise funds to cover the costs of integrating Pfizer's Consumer Healthcare business. In the third quarter, GSK's sales advanced double-digits thanks to the inclusion of Pfizer megabrands like Advil and Centrum.