UK Markets closed

GlaxoSmithKline taps Goldman, Citi to advise on consumer unit spinoff - Bloomberg News

·1-min read
FILE PHOTO: View outside GlaxoSmithKline (GSK) headquarters in Brentford, London

(Reuters) - GlaxoSmithKline Plc has hired two banks to help advise it on listing its consumer unit next year and on defense against a potential activist campaign from Elliott Investment Management, Bloomberg News reported on Friday, citing people familiar with the matter.

GSK is working with Goldman Sachs Group Inc and Citigroup Inc on both fronts, the report added.

Earlier this week, the company set out plans to turn its consumer healthcare arm into a separately listed company, in a move that will deliver an 8 billion pound ($11.10 billion) windfall and other financial benefits for its underperforming drugs business.

GSK was not immediately available to comment after business hours.

($1 = 0.7206 pounds)

(Reporting by Aakriti Bhalla in Bengaluru; Editing by Vinay Dwivedi)