Slaughter and May is advising GlaxoSmithKline on the creation of a world-leading Consumer Healthcare joint venture with Pfizer

Slaughter and May is advising GlaxoSmithKline plc (“GSK”) on its agreement with Pfizer Inc. to combine their consumer health businesses into a new world-leading joint venture with combined sales of approximately £9.8 billion.  GSK will have a majority controlling interest of 68% and Pfizer will have an equity interest of 32% in the joint venture. 

Slaughter and May is supporting GSK’s in-house legal team, led by James Ford, Sarah Clements, Charles Atkinson and Sean Roberts.  Kirkland & Ellis advised GSK on US aspects of the transaction.

The transaction, which was announced on 19 December 2018, is subject to shareholder and certain antitrust approvals and is expected to complete in the second half of 2019.  Within three years of closing of the transaction, GSK intends to separate the joint venture via a demerger of its equity interest and a listing of GSK Consumer Healthcare on the UK equity market.