GlaxoSmithKline Plc (GSK), the U.K.’s biggest drug maker, has no plans to spin off its consumer health-care division, a spokesman said today.
While the company won’t rule out the possibility of one day shedding the unit, it’s not currently being considered, said Simon Steel. The Financial Times reported the possibility of a spinoff yesterday.
Glaxo, which sells consumer brands such as Aquafresh toothpaste and Nicorette gum, is forming a joint venture with Novartis AG (NOVN), to create a consumer health company with about 6.5 billion pounds ($11 billion) in annual revenue. Glaxo will have majority control of the new company. The transaction isn’t expected to close until next year.
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