UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2019
Commission
File Number 001-15170
GlaxoSmithKline plc
(Translation
of registrant's name into English)
980 Great West Road, Brentford, Middlesex, TW8 9GS
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F . . . .X. . . . Form 40-F . . . . . . . .
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ____
Issued: 1 August 2019, London UK
GSK completes transaction with Pfizer to form new world-leading
Consumer Healthcare Joint Venture
GlaxoSmithKline plc (LSE/NYSE: GSK) today announced that it has
completed its transaction with Pfizer to combine their consumer
healthcare businesses into a world-leading Joint Venture. GSK has a
controlling equity interest of 68% and Pfizer has an equity
interest of 32% in the Joint Venture.
The Joint Venture brings together two highly complementary
portfolios of trusted consumer health brands, including GSK's
Sensodyne, Voltaren and Panadol and Pfizer's Advil, Centrum and
Caltrate. Underpinned by science-based innovation, it is the global
leader in OTC products and has number 1 or 2 market share positions
in all key geographies, including the US and China.
Following today's announcement, the Joint Venture will focus on
completing the integration of the two businesses, which is expected
to realise annual cost savings of £0.5bn by 2022 for expected
total cash costs of £0.9 billion and non-cash charges of
£0.3 billion. Up to 25% of the cost savings are intended to be
reinvested in the business to support innovation and other growth
opportunities.
Brian McNamara, Chief Executive Officer, GSK Consumer Healthcare,
said:
"Now the deal has closed, our focus will be on completing the
integration of these two businesses and leveraging their combined
strength. With our portfolio of brilliant, science-based brands and
strong talent and capabilities, we are well-positioned to create a
world-leading consumer healthcare business with stronger sales,
cash flow and contribution to earnings."
As previously announced, GSK intends to demerge the Joint Venture
from the company within three years and to list the GSK Consumer
Healthcare business on the UK equity market.
Emma Walmsley, Chief Executive Officer, GSK and Chair of the Joint
Venture, said:
"The completion of the joint venture with Pfizer marks the
beginning of the next phase of our transformation of GSK. This is
an important moment for the Group, laying the foundation for two
great companies, one in Pharmaceuticals and Vaccines and one in
Consumer Health."
Additional information
While completion of the transaction with Pfizer has taken place
today, there are certain jurisdictions in which the transfer of
relevant assets to or by GSK will only take place following receipt
of additional market-specific approvals or other matters relevant
to those jurisdictions. The arrangements in relation to these
jurisdictions are considered immaterial in the context of the
transaction.
Information regarding forward-looking statements
This announcement includes statements that are, or may be deemed to
be, "forward-looking statements". These forward-looking statements
can be identified by the use of forward-looking terminology,
including the terms "believes", "estimates", "plans", "projects",
"anticipates", "expects", "intends", "may", "will", or "should" or,
in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include matters that are not historical facts. The
forward-looking statements in this announcement include, but are
not limited to, statements regarding GSK's intentions, beliefs or
current expectations concerning, among other things, GSK's
business, results of operations, financial position and strategies.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances.
Forward-looking statements are not guarantees of future performance
and the actual results of GSK's operations and financial position
may differ materially from those described in, or suggested by, the
forward-looking statements contained in this announcement. In
addition, even if the results of operations, financial position and
the development of the markets and the industry in which GSK
operates are consistent with the forward-looking statements
contained in this announcement, those results or developments may
not be indicative of results or developments in subsequent periods.
A number of factors could cause results and developments to differ
materially from those expressed or implied by the forward-looking
statements including, without limitation, general economic and
business conditions, industry trends, competition, changes in
regulation, currency fluctuations, changes in its business
strategy, political and economic uncertainty and other factors
discussed in this announcement.
Forward-looking statements may, and often do, differ materially
from actual results. Any forward-looking statements in this
announcement speak only as of their respective dates, reflect GSK's
current view with respect to future events and are subject to risks
relating to future events and other risks, uncertainties and
assumptions relating to GSK's operations, results of operations and
growth strategy. Factors that may affect GSK's operations include,
but are not limited to, those described under Item 3.D "Principal
risks and uncertainties" in GSK's Annual Report on Form 20-F for
2018. Subject to the requirements of the Market Abuse Regulation,
the Financial Conduct Authority, the London Stock Exchange, the
Listing Rules and the Disclosure Guidance and Transparency Rules
(and/or any regulatory requirements) or applicable law, GSK
explicitly disclaims any obligation or undertaking publicly to
update or release the result of any revisions to any
forward-looking statements in this announcement that may occur due
to any change in GSK's expectations or to reflect events or
circumstances after the date of this announcement. All expectations
and targets regarding future performance should be read together
with "Assumptions related to 2019 guidance and 2016-2020 outlook"
on page [61] of GSK's Q2 2019 results.
About GSK
GSK is a science-led global healthcare company with a special
purpose: to help people do more, feel better, live longer. For
further information please visit
www.gsk.com
.
GSK enquiries:
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UK
Media enquiries:
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Simon
Steel
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+44 (0)
20 8047 5502
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(London)
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Eleanor
Bunch
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+44 (0)
20 8047 5502
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(London)
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US
Media enquiries:
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Kristen
Neese
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+1 804
217 8147
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(Philadelphia)
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Analyst/Investor
enquiries:
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Sarah
Elton-Farr
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+44 (0)
208 047 5194
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(London)
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Danielle
Smith
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+44 (0)
20 8047 7562
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(London)
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James
Dodwell
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+44 (0)
20 8047 2406
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(London)
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Jeff
McLaughlin
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+1 215
751 7002
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(Philadelphia)
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Registered in England & Wales:
No.
3888792
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Registered Office:
980
Great West Road
Brentford,
Middlesex
TW8
9GS
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
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GlaxoSmithKline plc
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(Registrant)
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Da
te: August
01, 2019
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By:/s/ VICTORIA
WHYTE
--------------------------
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Victoria Whyte
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Authorised
Signatory for and on
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behalf
of GlaxoSmithKline plc
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