GlaxoSmithKline plc (GSK) announced on Tuesday (February 22) its new consumer healthcare venture with Pfizer will be called Haleon, confirming the business will be spun off in mid-2022.
The creation of Haleon follows a series of investments and strategic changes to GSK’s consumer health business over the last eight years, including integrations of the consumer product portfolios from Novartis and Pfizer. It is now a highly valuable and focused global business, generating annual sales of about £10 billion.
The name, Haleon is inspired by the merging of the words ‘Hale’, which means ‘in good health’ and Leon, which is associated with the word ‘strength’.
After rejecting a buyout bid from Unilever, GSK is well positioned to deploy the new brand in more than 100 markets around the world.
Commenting on the announcement, 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 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.”
The new brand will have a world-class portfolio including Sensodyne, Voltaren, Panadol and Centrum, the company stated.
With a strong demand in consumer healthcare sector, the business is set to grow sustainably, it added.
Haleon will be headquartered in Weybridge, UK, and is expected to attain a premium listing on the London Stock Exchange.
To inform investors and analysts about the overall strategy, capabilities and operations of Haleon, GSK will host a Consumer Healthcare Capital Markets Day for on Monday (February 28).