GSK GSK plc

   By Carlo Martuscelli 
 

GlaxoSmithKline PLC (GSK.LN) said Friday that it has withdrawn from discussions to buy Pfizer Inc.'s (PFE) consumer-healthcare business.

"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," said Chief Executive Emma Walmsley.

On Thursday, Reckitt Benckiser Group PLC (RB.LN) announced it had ended talks to buy the Pfizer division, leaving GlaxoSmithKline as the favorite to buy the unit.

Pfizer said last October that it was considering a sale or spinoff of its over-the-counter division, which makes Advil ibuprofen and Centrum multivitamin pills. The unit was expected to fetch more than $10 billion, according to analysts.

GlaxoSmithKline said in October that it was considering a bid for the unit should the U.S. company put it up for sale.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

March 23, 2018 04:11 ET (08:11 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.