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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