(Reuters) - GlaxoSmithKline (NYSE:GSK) said on Tuesday its consumer healthcare venture with Pfizer (NYSE:PFE) will be named Haleon, as the British drugmaker confirmed the business will be spun off in mid-2022 as planned after having rejected overtures from Unilever (NYSE:UL).
Last June, GSK announced plans to divest the business, which includes brands such as Sensodyne toothpaste and Advil painkillers, in its biggest shake-up in two decades to focus on its prescription drugs and vaccines business.
The British group, which had rejected Unilever's 50 billion pound ($68 billion) bid for the consumer healthcare business in December, said it plans to unveil more details at an investor event at the end of the month.
Under GSK's separation plan, shareholders will receive stock in the new consumer health group amounting to at least 80% of the 68% stake that GSK currently owns in it. Pfizer owns the remaining 32%.
Some activist investors had called on GSK to give more consideration to a potential sale of the unit. They have also questioned the ability of top management to boost the success rate of drug development, where GSK has long lagged peers.
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