Glaxo seals transformative year

Last year was transformative for healthcare giant GlaxoSmithKline (GSK). Since welcoming Emma Walmsley into the top job in 2017, the group has been busy reorganising its pharmaceutical and consumer health divisions, reaching a climax at the end of December when the group announced it would create a new consumer health joint venture with US rival Pfizer (US:PFE). The intention is that, three years after the transaction is complete, the new venture will officially be demerged and refloated as an independent entity. That will leave what remains of GSK to focus on innovative drug development, including cancer treatments.