GSK and Pfizer to combine consumer health businesses

British pharmaceutical giant GlaxoSmithKline (GSK) and US-based Pfizer will combine their consumer health business in a joint venture with sales of around $12.4 billion. GSK will have a majority stake of 68% in the business. Following the merger, GSK plans to split into two businesses — one for prescription drugs and vaccines, the other for over-the-counter products.