GlaxoSmithKline hasn't made plans to pursue an initial public offering on the consumer health company it created with Pfizer, a top executive told Bloomberg a day after Pfizer's CEO said they plan to offer an IPO in the next three to four years.
The two drug giants created a joint venture in 2018 to combine their consumer healthcare units and create the largest seller of drugstore basics such as Advil and Tums.
Pfizer CEO Albert Bourla said Jan. 14 at the J.P. Morgan Healthcare Conference that they planned to offer an IPO for the venture within three to four years, Bloomberg reported.
But GlaxoSmithKline's chief strategy officer, David Redfern, told Bloomberg Jan. 15 that they've "literally had no discussion" on that topic.
"Actually we haven’t decided anything," Mr. Redfern told Bloomberg. "When we announced the deal, we said we expect it to separate within three years, but actually up to five years. And it’s entirely our decision."
Mr. Redfern added that the company needs to focus on integration and growing sales, not a spinoff or IPO.
"We don’t want it too distracted right now thinking about capital markets," he told Bloomberg. "Whether it’s an IPO or just a straight spin, all options are on the table."
GlaxoSmithKline has a 68 percent stake in the company and Pfizer has 32 percent.
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