GlaxoSmithKline plc (GSK) is moving forward with a planned demerger of its consumer healthcare segment, which it will call Haleon.
The company notes that the name is a portmanteau of the old English word ‘hale’ and the name ‘Leon.’ The former means ‘healthy’ while the latter is a reference to strength.
In the past eight years, GSK integrated its consumer health unit with similar divisions from Novartis and Pfizer. The unit generates approximately £10 billion in annual revenue.
Earlier this year, Unilever (LON:ULVR) offered to buy the unit for £50 billion (about $68 billion) but was rebuffed.
Haleon will have a portfolio of brands including Centrum vitamins, Sensodyne toothpaste, the arthritis gel Voltaren and the acetaminophen brand Panadol.
“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,” said Emma Walmsley, GSK CEO, in a statement.
The headquarters of Haleon will be in Weybridge, UK.