Pfizer to Join OTC JV
GSK is down to the last two in the bidding for thePfizer OTC business. We believe that a 3-way JV
(PFE/GSK/NOVN) would suit all parties and show that
the deal would be EPS and NPV accretive to all. We
also show that there is significant complementarity
across the 2 portfolios which would create a business
which has double the market share of the next
biggest OTC player. This structure would mean PFE
has no EPS dilution from a divestment, GSK keeps
firepower for Pharma & Novartis increases in value.
GlaxoSmithKline is a global healthcare company. Co.'s segments include: Pharmaceuticals; Vaccines; and Consumer Healthcare. The Pharmaceuticals segment is focused on developing new medicines in respiratory, HIV, oncology and immuno-inflammation, with discovery research exploring these and other areas. The Vaccines segment has a portfolio and pipeline of vaccines to help protect people throughout life. Co. delivers vaccines to people living in over 160 countries. The Consumer Healthcare segment develops and markets consumer-preferred brands in oral health, pain relief, respiratory, nutrition/gastro-intestinal and skin health.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
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