GlaxoSmithKline taps Goldman, Citi to advise on consumer unit spinoff – Bloomberg News By Reuters

(Reuters) – GlaxoSmithKline Plc has hired two banks to help advise it on listing its consumer unit next year and on defense against a potential activist campaign from Elliott Investment Management, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-06-25/glaxosmithkline-said-to-tap-goldman-citi-for-spinoff?sref=SCAzRb9t on Friday, citing people familiar with the matter.

GSK is working with Goldman Sachs Group Inc (NYSE:GS) and Citigroup Inc (NYSE:C) on both fronts, the report added.

Earlier this week, the company set out plans to turn its consumer healthcare arm into a separately listed company, in a move that will deliver an 8 billion pound ($11.10 billion) windfall and other financial benefits for its underperforming drugs business.

GSK was not immediately available to comment after business hours.

($1 = 0.7206 pounds)