Pfizer, GlaxoSmithKline give timeline for IPO of joint venture

Pfizer and GlaxoSmithKline said they plan to offer an IPO for their combined consumer healthcare units within the next three to four years, Bloomberg reported. 

The two drug giants first announced their plan to create a new venture by combining their consumer healthcare units in December 2018 with the goal of creating the world's largest over-the-counter drug business. 

The deal closed in August 2019, and the venture became the largest seller of drugstore basics such as Advil, Tums and Sensodyne toothpaste. 

GlaxoSmithKline holds a 68 percent stake, and Pfizer holds 32 percent. When announcing the deal, the companies said they expect savings of about $570 million per year by 2022. 

The drugmakers are now looking to focus on drug development, Bloomberg reported. 

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