trending Market Intelligence /marketintelligence/en/news-insights/trending/uyvmkldbsx98ynsynp8ymw2 content esgSubNav
In This List

GSK drops out of race for Pfizer's $20B consumer healthcare arm

Blog

Gauging Supply Chain Risk In Volatile Times

Blog

Insight Weekly: Banks' efficiency push; vacuuming carbon; Big Pharma diversity goals

Blog

The Future of Risk Management Digitization in Credit Risk Management

Blog

Climate Credit Analytics: Diving into the model


GSK drops out of race for Pfizer's $20B consumer healthcare arm

GlaxoSmithKline Plc said it pulled out from the bidding battle to acquire Pfizer Inc.'s consumer healthcare business valued at $20 billion.

"While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation," GSK CEO Emma Walmsley said in a news release.

According to recent reports, the British drugmaker was leading the auction for the Pfizer division, which sells branded over-the-counter products. Reckitt Benckiser Group Plc, which was only looking to acquire part of the business, also withdrew from the sale process.

GlaxoSmithKline shares were up 3.72% to £13.21 apiece as of 8:10 a.m. London time March 23.