 confirmed that it would withdraw its bid for Pfizer's (NYSE:PFE) Consumer Healthcare business on Friday, just one day after the Reckitt Benckiser announced its withdrawal.){kind=link}
GlaxoSmithKline (LON:GSK) confirmed that it would withdraw its bid for Pfizer’s (NYSE:PFE) Consumer Healthcare business on Friday, just one day after the Reckitt Benckiser announced its withdrawal.
Emma Walmsley, Chief Executive Officer, GSK said in a short statement: “While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation.”
Reckitt Benckiser pulled out of the same discussions yesterday, saying the acquisition of the whole of Pfizer’s consumer health business “did not fit their acquisition criteria”.
They were unable to reach a deal just to buy one small part of the business, saying that “an acquisition for the whole Pfizer consumer health business did not fit our acquisition criteria and an acquisition of part of the business was not possible.”
Shares in GlaxoSmithKline rose 3.27 percent on the news, whilst Pfizer shares fell 1.85 percent to 35.60 (1001GMT).