GSK offers concessions ahead of planned venture with Pfizer
The European Commission has said that GlaxoSmithKline has offered concessions to address concerns relating to the British multinational’s planned joint venture with Pfizer’s consumer health business.
The EU competition enforcer will make its decision as to whether to accept the proposed merger, demand further concessions or open a full-scale investigation into the deal, by 10 July.
The concessions come as GSK began to sell off some of its consumer healthcare products ahead of the folding of its consumer healthcare brands into a joint venture with Pfizer. The deal was announced in December last year.
The agreement will see the two firms form a “premier global consumer healthcare company.” Pfizer will own 32% of the new consumer healthcare business. GSK will own the rest.
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