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GSK rebuffs Unilever’s offers to buy its consumer healthcare arm

By Brian Buntz | January 18, 2022

GSKGlaxoSmithKline (GSK; NYSE:GSK) plc announced that it had received three unsolicited proposals from Unilever plc (LON:ULVR) to buy its GSK Consumer Healthcare unit for £50 billion (about $68 billion).

GSK rejected the offers, explaining in a statement that the proposals “fundamentally undervalued” the business unit.

Last year, the division generated £9.6 billion in revenue.

Despite being thrice rejected, Unilever said it still was interested in acquiring the GSK unit, which manufactures products ranging from pain relievers like Advil to toothpaste.

Investors reacted by sending ULVR shares down 3.86% to £3,520.50.

Conversely, GSK shares were up 2.97% to $46.82.

The rating agency Fitch concluded that it could downgrade Unilever’s credit rating from A with a “stable” outlook to BBB if it executed such a large deal.

The analyst Bruno Monteyne at Bernstein described the proposed merger as “a very bad deal.”

GSK Consumer Healthcare is a joint venture between GSK and Pfizer (NYSE:PFE), with the latter owning 32%.

About The Author

Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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