GlaxoSmithKline and Pfizer formed a £9.8bn joint venture.

GlaxoSmithKline, a British pharmaceutical company, and Pfizer, an American pharmaceutical corporation, formed a £9.8bn joint venture to create a premier global consumer healthcare company with robust iconic brands. The deal announced is ending to a yearlong process by Pfizer to shed its consumer business, as it and other pharmaceutical companies focus more on higher-margin prescription-drugs. Glaxo has been pursuing the same focus, though has until now stayed committed to its consumer business, which its chief executive led before her promotion to the top job. Glaxo will hold a 68% stake and Pfizer the remaining 32% of the new joint venture, which generated combined sales of $12.7bn last year.