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WARREN, N.J. — GlaxoSmithKline said Thursday that it has closed a previously announced joint venture deal with Pfizer Inc. that will combine their respective consumer healthcare businesses. The move will create the world’s largest supplier of over-the-counter medications.
The joint venture company will operate as GSK Consumer Healthcare. Pfizer owns a 32% equity stake in the joint venture and GSK owns 68%.
“It’s an honor to lead GSK’s efforts in this newly combined company and team,” said Lisa Paley, who was recently named general manager of the U.S. and Puerto Rico region at GSK. “We will draw on our decades of experience to really push the boundaries of delivering high-quality products that our customers and consumers have come to expect. The momentum we have in our business is undeniable and I look forward to helping build the foundation for continuous growth of what is going to be one of the greatest global companies in our industry.”
The move brings together a portfolio of leading O-T-C brands, including Sensodyne, Flonase, Tums, Advil, Centrum and Caltrate. The combined brand portfolio forms the world’s largest O-T-C business with category leadership positions in pain relief, respiratory, therapeutic oral health and vitamins, minerals and supplements and therapeutic oral health, according to GSK, which said the combined business will hold the No. 1 position in O-T-Cs in the United States and the No. 2 position in China.
“Combining our strong businesses as one creates a world-class trusted and valued company, GSK’s newly appointed U.S. chief customer officer, Dennis Curran, said. “By bringing these two companies together it strengthens our reach and sets us up for unparalleled success that will allow us to enhance the customer and consumer experience. I am excited to work alongside this talented and experienced team to further advance our vision as we continue to evolve.”
GSK and Pfizer hope that establishing the new joint venture company will allow them to leverage their combined strengths.
“As we come together and continue to grow, I look forward to bringing new energy to consumer and customer obsession, whilst further elevating our digital, data and analytics capabilities,” said Amardeep Kahlon, who has been named GSK’s U.S. chief marketing officer. “With ventures like this one, I am extremely confident we will move even faster, innovate like never before, and pull away from the competition.”
