No More ‘Major’ Deals For GSK Consumer Before IPO – CEO Walmsley
GSK's CEO Emma Walmsley has effectively ruled out further big deals at its Consumer Healthcare unit before the business is separated from its parent through an IPO.
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Deal with Foundation Consumer Brands marks GSK’s latest sale of OTC and nutritional brands that aren’t strong enough revenue drivers to remain part of its consumer health JV with Pfizer. GSK has controlled the brands it’s divesting for less than a year.
With CEO Emma Walmsley determined to keep investing in new technologies, GlaxoSmithKline has launched a two-year program to prepare for the separation of its pharma and consumer healthcare units into two companies.
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.