GSK drops out of $20B race for Pfiz­er's con­sumer health unit — shares surge

Glax­o­SmithK­line has de­cid­ed not to pur­sue an ac­qui­si­tion of Pfiz­er’s con­sumer health busi­ness af­ter all, rais­ing ques­tions as to what they might spend on in­stead.

The sur­prise move came a day af­ter con­sumer health com­pa­ny Reckitt Benckiser with­drew its bid, which left GSK the fron­trun­ner to buy the unit re­spon­si­ble for Advil and Cen­trum vi­t­a­mins. CEO Em­ma Walm­s­ley was ret­i­cent about the ra­tio­nale be­hind her de­ci­sion, say­ing on­ly this in a state­ment:

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