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GSK CEO: Looking at Pfizer consumer business

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Health Desk: 11 January 2018: GlaxoSmithKline's new chief executive said on Tuesday that the British drugmaker would have a look at Pfizer Inc's consumer products business, but would not overpay for the asset.

Pfizer, the largest U.S. drugmaker, said last year it was considering strategic alternatives, including a sale or spinoff, of the consumer business, which had sales of about $3.4 billion in 2016 and could cost more than $15 billion to acquire.

To questions at the JP Morgan Healthcare Conference in San Francisco, GSK Chief Executive Emma Walmsley said, “At this stage it would be weird if we didn't look at it”.

But she said it is only a look and very early, adding, “We don't need it and we won't overpay for it.”

Despite her consumer products background, Walmsley repeatedly said that the company's pharmaceuticals business and pharma research and development is GSK's top priority.

Walmsley, however, said GSK has a good track record of integrating large acquisitions and that it's consumer business does have room to grow.


Courtesy: Reuters