GlaxoSmithKline and Pfizer announced this week that they are marrying their consumer health divisions and creating the world’s largest manufacturer of several OTC treatments.
The new unit will produce pain relievers, cold and flu treatments, vitamins, supplements and other products, with combined sales totaling about $12.7 billion. The companies plan to spin off the new division within the next three years.
The move comes as GSK works to split itself into two companies with one specializing in pharmaceuticals and the other in consumer health.
The companies said that after the deal closes, GSK will own 68 percent of the new unit.
Read the full New York Times report.