The Boards of Directors of both companies have unanimously approved the transaction under which Pfizer will contribute its consumer healthcare business to GSK's existing consumer healthcare business. Both businesses will operate globally under the GSK Consumer Healthcare name. The 2017 global sales for the combined business were approximately $12.7 billion.
Closing of the transaction is anticipated during the second half of 2019, subject to receipt of GSK shareholder approval, regulatory approvals and satisfaction of other customary closing conditions.
The Clifford Chance team advising on the establishment of the joint venture was led by a team of partners: Sarah Jones (New York), Gareth Camp (London) and Simon Thomas (London), with support from senior associates Angela Becker, Alanna Hunter and David Jahoda in London and associate Christine Kim in New York.
Partner Christoph Holstein (Düsseldorf) led a global Clifford Chance team, together with partners Ben Sibbett (New York) and Emma Davies (Hong Kong), on worldwide structuring, implementation and due diligence matters, with support from senior associates Richard Kim and Simon Schmid as well as associate Ribana Piontek in Dusseldorf, and from other Clifford Chance lawyers in the European, Americas and Asia Pacific regions.
Pfizer will own a 32% equity stake in the joint venture which will be a category leader in pain relief, respiratory, vitamin and mineral supplements, digestive health, skin health and therapeutic oral health and will be the largest global consumer healthcare business.