GSK Plc completes demerger and separation from its consumer healthcare business
GSK Plc (GSK), a transnational pharmaceutical company, has concluded the separation of its consumer healthcare business with the listing of the shares of the new company on the London Stock Exchange on the 18th of July 2022. The American Depositary Shares (ADS) of the company are expected to commence trading on the New York Stock Exchange soon. GSK had earlier sought the support of its shareholders to embark on the demerger in order to focus its resources and Research and Development (R&D) effort on biopharmaceuticals.
The new company, Haleon Plc, distributes some global brands such as Sensodyne, Panadol, Centrum and Otrivin. Brian McNamara was named the chief executive officer of Haleon. Prior to his appointment, Brian directed the consumer healthcare business of GSK. He had acquired considerable experience working with Novartis and Procter & Gamble before joining GSK Consumer Healthcare in 2015. Sir Dave Lewis, the chairman, is expected to bring his experience to bear on the company as the board chairman.
Prior to becoming Haleon, the consumer healthcare business of GSK was a Joint Venture between GSK Group and Pfizer Inc. GSK had a 68% equity stake while Pfizer held the remaining 32%. The business is involved in the development and sale of vitamins and supplements, pain relief medicines, oral health, respiratory health and digestive health products. Its products are sold in more than a hundred countries.