August 2, 2019 (MLN): GlaxoSmithKline globally closed the transaction on August 1, to form a Joint Venture between GSK Consumer Healthcare and Pfizer Consumer Healthcare and are launching a new world-leading company focused on improving the everyday healthcare of consumers.
“This is the start of an incredible journey to create the world’s most innovative, best performing and trusted consumer healthcare company” a notice issued by the company to Pakistan Stock Exchange (PSX) said.
This transformative move brings together fantastic brands including Sensodyne, Voltaren, Panadol, Advil, and Centrum.
“Our combined portfolio strengthens our global category leadership positions focused on helping people do more, feel better and live longer” it added.
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 Limited is currently listed on the PSX with 85.79% equity interest held by GSK Consumer Healthcare B.V. (Netherlands), which is a fully owned subsidiary of GAK Plc, UK. Following the creation of the Joint Venture, GSK Consumer Healthcare B.V. (Netherlands) shareholding will now be owned by the JV in the 68:32 proportion mentioned above.
As a result of Global JV creation there will be no change in near future in the current product portfolio of GSK Consumer Healthcare Pakistan Limited.
