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Glaxo Shares Soar After Consumer Health Venture With Pfizer (1)

Dec. 19, 2018, 2:54 PM

GlaxoSmithKline Plc paved the way for a split into two companies, agreeing to create a consumer-health joint venture with Pfizer Inc. to be listed on the stock market, sending the U.K. company’s shares to their biggest gains in a decade.

Glaxo will have a 68 percent controlling stake in the new entity, with combined sales of $12.7 billion and led by Brian McNamara, the CEO of the U.K. pharmaceutical giant’s consumer arm. The deal lets Pfizer exit a business after a yearlong sale process failed to find a buyer.

The noncash transaction creates the world’s biggest supplier of over-the-counter medicines...

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