Goldman Sachs and Citi are working with GlaxoSmithKline on a new listing to spin off their consumer unit, Bloomberg writes.
The companies will also assist in Glaxo’s defense against the possibility of an activist campaign by Elliot Investment Management, led by billionaire Paul Singer.
Glaxo boss Emma Walmsley said the division, known for making products like Aquafresh toothpaste and Nicorette chewing gum, will be listed on the London Stock Exchange in mid-2022.
The company also plans to keep up to 20 percent of the business and sell it at a later date. And with the rest of the company, GlaxoSmithKline plans to cut the dividend for the rest of the company by 30 percent, which will include a broader strategy for the company to narrow its focus – now it’s getting heavier on cancer and HIV drugs, as well as drugs for other diseases .
Elliott has built a formidable position at the drug maker, despite the fact that the New York-based hedge fund hasn’t said what kind of changes it seeks to make at the company. The company’s history has been shaped by things like healthcare, where it advocated the sale of Alexion Pharmaceuticals before it was sold to AstraZeneca last December and sought change for companies like Alkermes, Allergan, Beyers and others.
Citi recently released a new entity devoted entirely to cryptocurrency, according to a report by The Block Crypto.
This report states that the new group will be called Digital Assets Group and will be part of the company’s asset management division. The unit, led by Alex Kriete and Greg Girasole, will make Citi the newest bank behind companies like Morgan Stanley and Goldman Sachs to open up opportunities for high net worth customers to use cryptocurrencies.
The Block Crypto said the new entity will “work with our functional partners and the broader teams at Capital Markets and Citi Investment Management to develop a robust and scalable value proposition”.
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source https://dailyhealthynews.ca/glaxosmithkline-plans-consumer-healthcare-spinoff/
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