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(Alliance News) - GlaxoSmithKline PLC on Tuesday said the new company resulting from the proposed demerger of its Consumer Healthcare arm in mid-2022 will be called Haleon.
The London-based pharmaceutical company announced the separation of its Consumer Healthcare care unit back in June via a demerger of at least 80% of GSK's holding to shareholders. The move comes after GSK rejected three bids from Unilever PLC for the division.
The company will hold its capital markets day on February 28 to highlight its overall strategy, capabilities and operations - including detailed financial information and growth ambitions.
GSK has been undertaking a major corporate transformation efforts in a bid to address long standing issues that have affected its performance in the past.
By spinning off its lower margin and non-core products, the drugmaker has sought to transition to a biopharma company. It expects a strong drug pipeline, backed by strong research and development expenses to drive sustainable, long-term growth for the pharmaceutical business.
GSK said Haleon will be headquartered in Weybridge, England and that the stand alone company is expected to attain a premium listing on the London Stock Exchange, with American Depositary Receipts to be listed in the US.
Haleon will house brands such as toothpaste Sensodyne, pain relief treatments Voltaren and Panadol as well as multivitamin Centrum.
GSK explained that the creation of Haleon results from a series of investments and strategic changes to its consumer health business over the last eight years, including integrations of the consumer product portfolios from Novartis AG and Pfizer Inc.
The company added that the unit generates annual sales of around GBP10 billion.
Heleon Chief Executive-Designate Brian McNamara said: "Introducing Haleon to the world marks another step in our journey to become a new, standalone company. Our name is grounded in our purpose to deliver better everyday health with humanity and to be a world-leader in consumer healthcare. We are on track to launch Haleon in mid-2022 and our business momentum is strong. We look forward to updating investors and analysts more on this at our capital markets event at the end of February."
Shares in GSK were down 0.5% at 1,553.60 pence on Tuesday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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