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India approves GSK-Pfizer Joint Venture

Deal conclusion in H2 2019

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GSK shareholders approve deal

 

GSK

The Competition Commission of India has approved the formation of a joint venture for consumer healthcare products in the country by British pharmaceutical giants GlaxoSmithKline (GSK) and Pfizer of New York.

The CCI posted GSK-Pfizer approval on twitter on 24 May 2019.

In December 2018, both GSK and Pfizer had agreed to combine their consumer health businesses through a JV. Their combined sales would be about USD$12.7 billion.

GSK will have a majority controlling equity interest of 68% in the combined consumer healthcare business while Pfizer will have the remaining 32%.

Under the JV pact, GSK will acquire Pfizer’s consumer healthcare business and turn it into a global consumer healthcare business.

GSK said 99.85% of shareholders voted for the resolution for the JV.

Completion of the Transaction remains subject to certain antitrust and regulatory approvals and customary closing conditions, it said on 8 May 2019.

GSK is headquartered in London and is Pfizer headquartered in New York. fiinews.com

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