The Competition Commission of India (CCI) has approved the formation of a joint venture (JV) for consumer healthcare products by pharmaceutical giants Glaxosmithkline (GSK) and Pfizer. In December 2018, GSK had reached an agreement with Pfizer to combine their consumer health businesses into a new JV with combined sales of around $12.7 billion (around Rs 88,900 crore).
The proposed combination involves acquisition of Pfizer’s consumer healthcare business by GSK, and the combination of GSK and Pfizer consumer healthcare business into a global consumer healthcare joint venture under the sole control of GSK. After the deal, GSK will have a majority controlling equity interest of 68 percent in the combined consumer healthcare business, while Pfizer will have a minority non-controlling equity interest of the remaining 32 percent.
Pfizer has produced innovative breakthroughs in a wide range of research areas, including depression, erectile dysfunction, high cholesterol, HIV infection, hypertension, bacterial infections and systemic fungal infections.