GlaxoSmithKline PLC and Pfizer Inc. completed the previously announced combination of their consumer health units.
U.K.-based GSK and New York's Pfizer will own 68% and 32% of the joint venture, respectively.
The combined entity — set to become the world's largest consumer health business — will operate as GSK Consumer Healthcare, with a portfolio of products in pain relief, respiratory, vitamins, minerals and supplements, digestive health, skin health and therapeutic oral health.
CEO Brian McNamara will lead GSK Consumer Healthcare, while three of the nine directors were appointed by Pfizer: John Young, who is currently Pfizer's group president and chief business officer, together with Douglas Giordano and Bryan Supran.
GSK plans to separate the consumer healthcare JV as an independent company through a demerger of its equity interest to its shareholders, with a potential listing on the U.K. equity market. The British drugmaker may also sell all or part of its stake in the JV in a contemporaneous IPO.
Meanwhile, Pfizer has the option to participate in the separation or listing through the distribution of its equity interests to its shareholders or the sale of its stake in a contemporaneous IPO.
GSK has the sole right to decide the timing of the separation and listing within a five-year period from the deal's closing. Afterward, both companies will have the right to decide on the separation and listing of GSK Consumer Healthcare.