Drugmakers GlaxoSmithKline and Pfizer plan to merge their consumer health businesses into what will be the world leader in sales of nonprescription medicines such as pain relievers, vitamins and cold remedies.
The new joint venture would have combined annual sales of $12.7 billion (9.8 billion pounds).
FILE – This Jan. 25, 2009 file photo, shows the sign at Pfizer world headquarters in New York. Drugmakers GlaxoSmithKline and Pfizer are merging their healthcare divisions, creating a business with combined sales of 9.8 billion pounds ($12.7 billion). British-based Glaxo will own 68 percent of the joint venture, while U.S.-based Pfizer will own the remaining 32 percent stake. (AP Photo/Mark Lennihan, File)British-based GSK will own 68 percent of the venture, and New York-based Pfizer, the biggest U.S. drugmaker, will own the remaining 32 percent stake.
The business will sell products under GSK brands like Sensodyne tooth paste, Panadol pain tablets and Voltaren pain tablets and ointment, along with Pfizer’s Advil and Anbesol pain relievers, Chapstick, Centrum and Caltrate supplements, and Nexium heartburn treatment.
The companies said the joint venture will have a worldwide market share of 7.3 percent, ahead of the nearest competitor at 4.1 percent. It will have the No. 1 or 2 market share positions in key countries and regions, including the U.S., Europe, China and India, and in categories including pain relief, respiratory medicines, vitamins and supplements, and digestive health products.