THE Competition Commission on Friday said it has approved the formation of a joint venture (JV) for consumer healthcare products by pharmaceutical giants GlaxoSmithKline (GSK) and Pfizer. GSK, in Dec 2018, had said it has reached an agreement with Pfizer to combine their consumer health businesses into a new joint venture (JV) with combined sales of around USD 12.7 billion (around Rs 88,900 crore).

 

In a tweet, Competition Commission of India (CCI) said it “approves formation of a JV for consumer healthcare products by GSK and Pfizer.” The proposed combination involves acquisition of Pfizer’s consumer healthcare business by GSK, and combination of GSK and Pfizer consumer healthcare business into a global healthcare joint venture.