Pharmaceutical company GlaxoSmithKline’s (GSK) Consumer Healthcare business will be renamed Haleon when it demerges from the company in the middle of 2022.
The launch of Haleon later this year follows a series of investments by GSK over the last eight years, including the integration of consumer health product portfolios from Novartis and Pfizer.
In 2018 for instance, Novartis opted to divest its 36.5% stake in its consumer healthcare joint venture with GSK. GSK paid a total of $13 billion for Novartis’ stake in the joint venture.
The company brings with it a portfolio of consumer brands such as Sensodyne, Voltaren, Panadol and Centrum.The global market for consumer healthcare is estimated to be over $318 billion and is being driven by trends such as ageing populations, chronic conditions and unmet consumer needs.
In a statement by GSK, the company said that Haleon is aiming to generate annual sales of approximately £10 billion.
Brian McNamara, chief executive officer Designate, Haleon, 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.”
Emma Walmsley, chief executive officer, GSK, said: “Haleon brings to life years of hard work by many outstanding people to build this new company purely dedicated to everyday health. Haleon has enormous potential to improve health and wellbeing across the world with strong prospects for growth, and through listing will unlock significant value for GSK shareholders.”
Haleon will be headquartered in Weybridge, UK, with the campus expected to open at the end of 2024. The location will serve as the company’s corporate headquarters as well as a centre of R&D and innovation, and home to a new Shopper Science Lab.