GlaxoSmithKline has announced the completion of its tie-up with Pfizer's consumer health portfolio, adding that the joint venture is expected to realise annual cost savings of £500 million (€549 million) by 2022.
The joint venture brings together GSK's portfolio of consumer healthcare brands, such as Sensodyne, Voltaren and Panadol with Pfizer's Advil, Centrum and Caltrate, among others.
GSK will own a 68% stake in the joint venture, while Pfizer will own 32%. It will continue to be led by GSK Consumer Healthcare CEO Brian McNamara.
