GlaxoSmithKline (GSK) in an official statement said its consumer healthcare venture with Pfizer will be named as Haleon.
Last year in June, GSK announced plans to divest the business, which includes brands such as Sensodyne toothpaste and Advil painkillers, in its biggest shake-up in two decades to focus on its prescription drugs and vaccines business.
Pfizer confirmed the business will be spun off in mid-2022 as planned after having rejected overtures from Unilever. The British group, which had rejected Unilever’s 50 billion pound ($68 billion) bid for the consumer healthcare business in December, said it plans to unveil more details at an investor event at the end of the month.
Under GSK’s separation plan, shareholders will receive stock in the new consumer health group amounting to at least 80% of the 68% stake that GSK currently owns in it. Pfizer owns the remaining 32%.
Some activist investors had called on GSK to give more consideration to a potential sale of the unit. They have also questioned the ability of top management to boost the success rate of drug development, where GSK has long lagged peers.
Haleon will have a world-class portfolio of category-leading global brands, including Sensodyne, Voltaren, Panadol and Centrum. Its brands are trusted by healthcare professionals, customers and people worldwide to improve the health and wellbeing of individuals and their communities.
Demand from the £150 billion consumer healthcare sector is strong, reflecting an increased focus on health and wellness, significant demand from an ageing population and emerging middle-class, and unmet consumer needs. The business is therefore well-positioned to deliver human health impact and to sustainably grow ahead of the market in the years to come.
The new name was announced as part of a global celebration for all of the people working in GSK Consumer Healthcare. Employees from around the world had the opportunity to engage with the new name and brand identity which seeks to bring to life the company’s purpose and growth ambitions.
