Glaxo Pressing Ahead With Consumer Split, Unit’s Chief Says
- Company faces questions as it plans to split in two next year
- Investor update on timing, approach coming later this month
Photographer: Chris Ratcliffe/Bloomberg
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GlaxoSmithKline Plc will press ahead with a plan to split off and list its consumer health division as a standalone company after activist investor Elliott Management Corp. took a stake in the drugmaker, the unit’s chief said.
“We’re on the path to separation, so that’s the plan,” said Brian McNamara, who’s led the division since 2016 and only learned of Elliott’s investment in April when it appeared in the press. “We think that is the best way to really unlock the value of this business and have shareholders benefit.”