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In a long scripted overhaul of its business, GlaxoSmithKline spun off its consumer health business on Monday (July 18) in the biggest listing in Europe for more than a decade. The new company, Haleon, becomes the world's biggest standalone consumer health business, home to brands including Sensodyne toothpaste, pain relief drug Panadol and cold treatment Theraflu. Shares in Haleon started trading at 330 pence on Monday morning, giving the business a market valuation of around £30.5 billion - dashing high hopes for Haleon's much higher market valuation after GSK in January said it had rebuffed a £50 billion offer from Unilever on the basis it was too low. The major strategy shift by GSK chief executive Emma Walmsley to focus on the company's core pharmaceuticals business comes after she faced intense activist shareholder pressure over its delays in producing Covid jabs and treatments.

Consumer goods giant Unilever signalled on Monday (January 17) it would pursue a deal for GlaxoSmithKline's consumer healthcare business, calling it a "strong strategic fit" after its £50 billion offer was refused. GSK confirmed on Saturday that it had rejected three approaches from the Dove-soap maker, adding it intended to stick to its own plan to spin off the business as a separate company later this year. "GSK Consumer Healthcare would be a strong strategic fit," Unilever said in a statement as it unveiled a strategy update in the wake of the weekend's takeover news. Unilever said it was "committed to accelerating the company's growth and repositioning the portfolio into higher growth categories. "As a result of the reporting of Unilever's interest in GSK Consumer Healthcare, we are today bringing forward a planned update, setting out the strategic direction that the company is pursuing," Unilever said.

Amgen Inc on Monday agreed to buy Horizon Therapeutics Plc in a deal valued at $27.8 billion (£22.67bn), fortifying its rare diseases portfolio in the biggest buyout in the sector this year. The company will pay $116.50 in cash, a premium of nearly 20 per cent to the stock's last close, for each Horizon share. Horizon shares closed up 15 per cent on Monday at $112.36. They had climbed 23.5 per cent through Friday since the company disclosed in late November it was in preliminary talks with Amgen, Sanofi and Johnson & Johnson for potential offers. Amgen shares dipped less than 1 per cent to close at $276.78. Sanofi said Sunday it ended discussions with Horizon after concluding the transaction prices "do not meet our value criteria." J&J also said in early December that it had dropped its pursuit of the deal.