Centerview Partners LLC, Guggenheim Securities, LLC and Morgan Stanley & Co. LLC served as Pfizer’s financial advisors, Wachtell, Lipton, Rosen & Katz, and Clifford Chance LLP served as its legal advisors, and Skadden, Arps, Slate, Meagher & Flom LLP served as its tax advisor. 1 Pfizer 2020E Revenue does not adjust for this transaction, the GSK/Pfizer Consumer JV and includes Upjohn Revenue. The joint venture will operate globally under the GSK Consumer Healthcare name. “The combination of these leading businesses with distinct regional and category strengths will be more sustainable and broader in scope than either company individually,” said Albert Bourla, Chief Operating Officer and incoming Chief Executive Officer, Pfizer. Copyright © 2002-2020 Pfizer Inc. All rights reserved. GSK has the capacity to take on a joint venture of this magnitude, as its 2015 JV of Novartis’s consumer health division proved (GSK bought out Novartis’s share of this joint venture earlier this year). “The transaction is a testament to the success of our Consumer Healthcare business, including its excellent reputation, talented colleagues, high-quality products and market reach,” said Chris Slager, President, Pfizer Consumer Healthcare. Pfizer will have the right to appoint three out of the nine members of the joint venture’s board. “The dedication and hard work of the Pfizer Consumer Healthcare team is impressive and inspiring. “We are pleased to announce this new joint venture for Pfizer Consumer Healthcare, delivering on our commitment to complete the strategic review for this business in 2018,” stated Ian Read, Chairman and current Chief Executive Officer, Pfizer. In addition, the joint venture is expected to be the first or second largest consumer healthcare player in key geographies, including the United States, Europe, China, India and Australasia. GSK will have a controlling interest of 68% and Pfizer will hold the remaining 32%. GSK will have the sole right to decide whether and when to initiate a separation and listing for a period of five years from closing of the proposed transaction.
The JV will be the global leader in … GSK will pay Novartis $13 billion for its 36.5% stake in the joint venture in order to “capture full value of … The news and stories that matter, delivered weekday mornings.Let our news meet your inbox. 2 2020 Pro Forma Outlook Revenue. On Wednesday, however, she announced that GSK and Pfizer would combine their consumer health businesses in a joint venture with sales of … Pfizer and GlaxoSmithKline Announce Joint Venture to Create a Premier Global Consumer Healthcare Company GSK has agreed to pay a break fee of $900 million if (i) the GSK Board of Directors changes, withdraws or qualifies its recommendation of the transaction to its shareholders for approval; (ii) GSK’s shareholders vote on the proposed transaction and do not approve it; or (iii) GSK’s shareholders do not approve the proposed transaction by September 30, 2019 (subject to extension in certain circumstances). After the fifth anniversary of the closing of the proposed transaction, both GSK and Pfizer will have the right to decide whether and when to initiate a separation and public listing of the joint venture. The news and stories that matters, delivered weekday mornings.Pfizer drugs Advil in the Manhattan borough of New York. Sorry, you need to enable JavaScript to visit this website. In the near- to medium-term, this deconsolidation is not expected to have a material impact on Pfizer’s top-line growth. Walmsley said that GSK had a good track record of integrating businesses, citing the company’s buyout this year of the remaining $13bn stake in its consumer healthcare joint venture … 4 2020 EBITDA margin including phased-in synergies. The transaction is expected to deliver $650 million in peak cost synergies and to be slightly accretive for Pfizer in each of the first three years after the close of the transaction, which is anticipated during the second half of 2019, subject to receipt of GSK shareholder approval and regulatory approvals, and satisfaction of other customary closing conditions.
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