GlaxoSmithKline outlined its plans to prepare itself for its spinoff consumer healthcare unit with Pfizer during its fourth-quarter results presentation Feb. 5, FirstWord Pharma reported.
The drugmaker said it has started a two-year program to prepare for the spinoff company to launch in 2022. The new company will focus on immune system drugs, genetics and new technologies and could become the largest seller of such drugstore basics as Advil and Tums.
The company plans to focus on research and development and new product launches this year and is considering divesting some non-core assets, such as its prescription dermatology business. It is trying to save $910 million by 2022.
GlaxoSmithKline also plans to cut as many as 720 jobs from its vaccine unit in Belgium, according to FirstWord Pharma.
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