GlaxoSmithKline Plc and Pfizer to combine consumer health businesses in JV

GlaxoSmithKline Plc and Pfizer Inc said they would combine their consumer health businesses in a joint venture with sales of 9.8 billion pounds ($12.7 billion), majority owned by the British company.

GSK said on Wednesday the deal laid the foundation for the creation of two new UK-based global companies focused on Pharmaceuticals/Vaccines and Consumer Healthcare.