Pharmaceutical giants GlaxoSmithKline plc and Pfizer Inc. have announced on Wednesday they are starting a joint venture to create a "premier global consumer healthcare company." According to the terms of the deal, Pfizer will hold 32% of the equity in the new firm, and a right to appoint three out of nine members of its board. The Chair will be GSK CEO Emma Walmsley, while the Chief Executive Officer post will be assumed by Brian McNamara, currently CEO GSK Consumer Healthcare.
"Pfizer and GSK have an excellent track record of creating successful collaborations, and we look forward to working together again to unlock the potential of our combined consumer healthcare businesses," said Ian Read, Chairman and Chief Executive Officer of Pfizer.
The official release noted that both companies' combined global sales amounted to around $12.7 billion last year. The joint venture will operate globally under the GSK Consumer Healthcare name, and is expected by both firms to become one of the two largest healthcare companies in the world.
