Pfizer, GlaxoSmithKline Will Join Forces On Over-The-Counter Divisions
The drugmakers announced Wednesday they're merging their consumer health care divisions, which are responsible for OTC products.
Two of the pharmaceutical industry's biggest players are combining some of their forces.
Pfizer and GlaxoSmithKline announced Wednesday they're merging their consumer health care divisions, which are responsible for over-the-counter drugs.
The joint venture will bring OTC brands like Pfizer's Advil and Emergen-C together with GlaxoSmithKline's Excedrin and Nicorette.
According to the companies, the deal will create the largest consumer health care business in the world. For some perspective, those divisions' global sales totaled about $12.7 billion in 2017.
Experts say this deal is just another example of the way big pharma is adjusting to the changing scope of the health care landscape. Most recently, CVS announced the completion of its acquisition of health insurance company Aetna.
In addition to this merger, GSK announced it plans to split in two. One part will focus on consumer health care, while the other will focus on prescription medicine and vaccines.
The deal is still subject to shareholder approval, but is expected to close in the second half of 2019.
Additional reporting from Newsy affiliate CNN.
AI discovers potential new cancer treatment in just 30 days
Researchers from the Univ. of Toronto and Insilico Medicine used an AI-powered database to create a drug that could potentially treat liver cancer.
Bird flu vaccine for humans in development
Two major pharmaceutical companies revealed they are working on an avian influenza vaccine.
What living with long COVID is really like
Scripps News talked to a dozen people with long-term COVID symptoms about their current experience and their hope for the future.
New Orleans man creates gym for amputees & quadriplegics
Mark Raymond Jr., who broke his neck in diving accident, runs a health club for people living with disabilities in New Orleans.
The WNBA is pushing to change its travel arrangements
WNBA players have to fly commercial, while other sports leagues and its male counterpart are able to charter flights.
Americans are being denied benefits because of a job list from 1938
There's a range of criteria for Americans to get social security and disability benefits, but some are denied because of an outdated index of jobs.