Relax. This Pfizer Deal Isn’t Like That Pfizer Deal
If you woke this morning to the headline that GlaxoSmithKline was "merging" with Pfizer, and it felt like deja vu all over again, well, it's not quite that.
This isn't quite Pfizer swallowing up Pharmacia-Upjohn and putting a big hurt on not only the local economy but also disrupting countless lives in the name of profit for investors.
In this deal announced earlier today, the two drug giants will combine their consumer healthcare businesses into one unit, with GSK owning more than 66% on the newly formed combination.
The two companies' product lines include Tums, Excedrin, Advil, Nexium, Sensodyne and others.
It is expected to take three years to merge the businesses across some 100 countries as well as to wait for the uncertainties surrounding Britain's departure from the European Union to subside. The companies eventually plan to spin off the joint venture into an independent company, likely in several years, and list its stock in the U.K. - ABC News
The ABC News reports says Pfizer plans to concentrate on their massively profitable prescription drug business. The company makes Lipitor and Viagra among others.