GSK withdraws Pfizer bid

GSK has revealed it will not proceed with a bid to acquire Pfizer's consumer health business, following the lead of fellow UK pharma giant Reckitt Benckiser.

Emma Walmsley, the chief executive at GSK, released a statement outlining the decision. She said: “While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation.”

GSK had seemed sure to complete the transaction after Reckitt Benckiser ended its interest, which had focused only on acquiring the painkiller Advil rather than the whole business. Its chief executive Rakesh Kapoor explained: "An acquisition for the whole Pfizer consumer health business did not fit our acquisition criteria."

However, according to a Bloomberg report based on the comments of individuals close to the matter, GSK did make an offer but it fell short of Pfizer's demands. 

The stalemate means Pfizer will need to reassess the future of its consumer health section, unless a new bidder emerges. 

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