The new company, Haleon, emerges as the world’s biggest standalone consumer health business, home to brands including Sensodyne toothpaste and Advil painkillers.
Even accounting for the roughly 10 billion pounds in debt, it is below the enterprise value of 50 billion pounds Unilever was prepared to pay for the business at the beginning of the year. GSK had rebuffed the offer on the basis it was too low. The last major European company to list after being spun off was French drug ingredients business EUROAPI, which debuted in Paris in May after being spun off by Sanofi.
It was also met with a degree of skepticism among some investors given industry average of 3% to 5%, according to Barclays. However, the company has underperformed relative to its peers in recent years, triggered by a falling share of R&D spend, some clinical failures, and missing out on the lucrative market for the first set of COVID-19 vaccines.
Source: News Formal (newsformal.com)
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