RESEARCH TRIANGLE PARK – GlaxoSmithKline’s Chief Executive Officer Emma Walmsley explains why the drug giant is merging its healthcare division with that of Pfizer.
Both companies have multiple operations in North Carolina.
GSK posted a video overview featuring Walmsley as well as a blog.
“We have made strong progress against our 3 long-term priorities – Innovation, Performance, Trust – over the last 18 months. We have improved our operating performance and have set out a new approach to R&D. We have also started to reshape the Group’s portfolio through prioritisation of R&D programmes, acquisitions such as that proposed with the oncology biopharmaceutical company, TESARO, the minority buy-out of the consumer healthcare business and a series of non-core product divestments,” Walmsley explains.
“The combination will bring together two highly complementary portfolios of trusted consumer health brands, including GSK’s Sensodyne, Voltaren and Panadol and Pfizer’s Advil, Centrum and Caltrate. The Joint Venture will be a category leader in Pain Relief, Respiratory, Vitamin and Mineral Supplements, Digestive Health, OTC Skin Health and Therapeutic Oral Health.
Through the combination of GSK and Pfizer’s consumer healthcare businesses we will create substantial further value for shareholders. At the same time, incremental cashflows and visibility of the intended separation will help support GSK’s future capital planning and further investment in our pharmaceuticals pipeline.
“The proposed transaction is transformational to the scale of our Consumer Healthcare business. Within 3 years of the closing of the transaction, we intend to separate the Joint Venture via a demerger. With our future intention to separate, the transaction also presents a clear pathway forward for us to create a new global Pharmaceuticals/Vaccines company, with an R&D approach focused on science related to the immune system, use of genetics and advanced technologies, and a new world-leading Consumer Healthcare company.”