GlaxoSmithKline has globally completed its transaction with Pfizer to combine their consumer healthcare businesses into a world-leading Joint Venture.
In a notification to the Pakistan Stock Exchange, GSK announced that they are launching a new world-leading company focused on improving the everyday healthcare of consumers. The Joint Venture brings together two highly complementary portfolios of trusted consumer health brands.
The notification read that this transformative move brings together fantastic brands including Sensodyne, Voltaren, Panadol, Advil and Centrum. GSK will hold an equity interest of 68% and Pfizer will hold an equity interest of 32% of the new Joint Venture Company.
GSK Consumer Healthcare Pakistan Ltd is currently listed on the PSX with 85.73% equity interest held by GSK Consumer Healthcare B.V. (Netherlands), which is a fully owned subsidiary of GSK Plc, UK.
Following this creation of the Joint Venture, GSK Consumer Healthcare B.V. (Netherlands) shareholding will now be owned by the Joint Venture in the 68:32 proportion.
Emma Walmsley, Chief Executive Officer, GSK and Chair of the Joint Venture, said:
The completion of the joint venture with Pfizer marks the beginning of the next phase of our transformation of GSK. This is an important moment for the Group, laying the foundation for two great companies, one in Pharmaceuticals and Vaccines and one in Consumer Health.
”As a result of Global Joint Venture creation there will be no change in near future in the current product portfolio of GSK Consumer Healthcare Pakistan Limited,” added the notification.
The company will the shareholders updated if there is any local changes. At the time of filing this report, GSKCH’s shares at the bourse were trading at a price of Rs 170, down by Rs 0.15 or -0.09% with a turnover of 900 shares on Friday.