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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