British pharmaceutical company, GlaxoSmithKline plc, also known as GSK, has reportedly unveiled that its consumer healthcare business will be named Haleon after it is split off and publicly listed on the London stock market this year.
The spinoff business, which includes brands like Sensodyne, Panadol, and Voltaren, has grown considerably over the years, especially following its merger with consumer product portfolios from Pfizer and Novartis, and records annual sales of £10 billion ($13 billion).
The chairman-designate of the new company, former Tesco CEO, Sir Dave Lewis, has given top priority to assembling the board for the company.
In mid-January, GSK revealed it had rejected three takeover bids by consumer major, Unilever, before Christmas for the venture, boasting Haleon’s growth prospects, and predicted a 4%-6% organic sales growth in the medium term, higher than the predictions of the analysts.
The final offer was reportedly worth £50 billion ($68 billion), but the drugmaker claimed it to be undervaluing the business as well as its potential.
GSK believes that there is a strong demand for the products under Haleon, as people are focusing more on health and wellness due to the pandemic, as well as a rise in demand from elderly consumers, and emerging middle classes of nations like India and China.
Emma Walmsley, CEO of GSK, restated that Haleon had a strong prospect for growth, and that it will unlock significant value for shareholders via its listing.
Brian McNamara, the CEO-designate of Haleon, stated that introducing the business is another step towards its journey as a new and standalone company, with its name signifying the company’s purpose of delivering better everyday health and becoming a world leader in the consumer healthcare sector.
McNamara added that Haleon in on-track to be launched by the middle of 2022.
The spinoff will be headquartered in Surrey, England, and is expected to open its campus by the end of 2024, which will have a shopper science lab as well as an R&D center.