The Zhitong Finance app learned that on July 11, according to media reports, the European Union approved pharmaceutical giant GlaxoSmithKline (GSK.US) to acquire Pfizer (PFE.US) consumer healthcare business.

According to reports, on December 19, 2018, Pfizer and GlaxoSmithKline announced that they had reached an agreement. The consumer health care business of the two parties would be merged, and the new company would operate globally under the name GlaxoSmithKline Consumer Health Company. In response, Ian Read, chairman and CEO of Pfizer, said that the partnership is expected to unlock the potential of the comprehensive consumer healthcare business.

On March 18 this year, Brian McNamara, CEO of New GlaxoSmithKline Consumer Health Products Company, announced the appointment of the new company's health drug leadership team. Cai Baoguang, former Pfizer Health and Drug Division (PCH) International Marketing President, and Chris Slage, are members of the new leadership team, responsible for the Asia Pacific and US regions respectively.

Analysts said that GlaxoSmithKline's acquisition of Pfizer's consumer healthcare business will help GlaxoSmithKline and Pfizer promote the development of other key businesses. Research and development of new drugs requires a large investment, and the consumer health care business may face intense challenges if it does not continue to grow in the future.