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GlaxoSmithKline taps Goldman, Citi to advise on consumer unit spinoff - Bloomberg News

Published 06/25/2021, 03:17 PM
Updated 06/25/2021, 03:22 PM
© Reuters. FILE PHOTO: Company logo of pharmaceutical company GlaxoSmithKline is seen at their Stevenage facility, Britain October 26, 2020. REUTERS/Matthew Childs
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(Reuters) - GlaxoSmithKline (NYSE:GSK) Plc has hired two banks to help advise it on listing its consumer unit next year and on defense against a potential activist campaign from Elliott Investment Management, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-06-25/glaxosmithkline-said-to-tap-goldman-citi-for-spinoff?sref=SCAzRb9t on Friday, citing people familiar with the matter.

GSK is working with Goldman Sachs Group Inc (NYSE:GS) and Citigroup Inc (NYSE:C) on both fronts, the report added.

Earlier this week, the company set out plans to turn its consumer healthcare arm into a separately listed company, in a move that will deliver an 8 billion pound ($11.10 billion) windfall and other financial benefits for its underperforming drugs business.

© Reuters. FILE PHOTO: Company logo of pharmaceutical company GlaxoSmithKline is seen at their Stevenage facility, Britain October 26, 2020. REUTERS/Matthew Childs

GSK was not immediately available to comment after business hours.

($1 = 0.7206 pounds)

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