"Many Photos" - GlaxoSmithKline GSK has closed deal with US rival Pfizer to merge healthcare business

British drugs giant GlaxoSmithKline has closed its deal with US rival Pfizer to merge their healthcare businesses. 

The £9.8billion deal will see GSK get 68 per cent equity and Pfizer the remaining 32 per cent, in the hope of cutting £500million in costs by 2022.   

The move will also mean GSK splits into two separate companies, one focusing on vaccines and pharmaceuticals and the other on consumer healthcare.  

GSK is the UK company behind several well-known brands, including Aquafresh toothpaste and Beechams cold and flu treatment.

Pfizer, based in Connecticut, USA, is worth £15.8 million and own brands like Chapstick, Advil painkillers and Centrum multi-vitamins. 

GlaxoSmithKline (west London headquarters pictured) will link up with Pfizer to combine their consumer healthcare businesses

Brian McNamara, chief executive, GSK Consumer Healthcare, said: 'Now the deal has closed, our focus will be on completing the integration of these two businesses and leveraging their combined strength.

'With our portfolio of brilliant, science-based brands and strong talent and capabilities, we are well-positioned to create a world-leading consumer healthcare business with stronger sales, cash flow and contribution to earnings.'

Emma Walmsley, chief executive of GSK and chairwoman of the joint venture, said: 'The completion of the joint venture with Pfizer marks the beginning of the next phase of our transformation of GSK.

'This is an important moment for the group, laying the foundation for two great companies, one in pharmaceuticals and vaccines and one in consumer health.'

Pfizer, based in Connecticut, USA, is worth 230 billion dollars and own brands like Chapstick, Advil painkillers and Centrum multi-vitamins and will merge with GlaxoSmithKline 

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News Photo GlaxoSmithKline GSK has closed deal with US rival Pfizer to merge healthcare business
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