- GlaxoSmithKline said it had completed its transaction with Pfizer to combine their consumer healthcare businesses into a joint venture.

'Now the deal has closed, our focus will be on completing the integration of these two businesses and leveraging their combined strength,' said Brian McNamara, Chief Executive Officer, GSK Consumer Healthcare.

'With our portfolio of brilliant, science-based brands and strong talent and capabilities, we are well-positioned to create a world-leading consumer healthcare business with stronger sales, cash flow and contribution to earnings,' he added.

Under the terms of the JV, GSK jhad a controlling equity interest of 68% and Pfizer an equity interest of 32% in the joint venture.

At 9:01am: [LON:GSK] GlaxoSmithKline PLC share price was +11.8p at 1714.4p

Story provided by