Finsbury is handling press for Reckitt Benckiser Group, which yanked its $20B deal on March 21 to acquire Pfizer's consumer healthcare business.
CEO Rakesh Kapoor decided that Pfizer's consumer health business wasn't a good fit, opting instead to concentrate on the $16B integration of Mead Johnson's nutritional formula business and the reorganizing of operations into health and hygiene business units.
GlaxoSmithKline today said it also has decided not to pursue the acquisition of Pfizer's consumer healthcare unit.
“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,” said CEO Emma Walmsley in a statement.
Pfizer is reviewing its strategic alternatives, which could mean sale, spin-off or retaining the consumer operation.