GSK pulls out of $20bn race for Pfizer healthcare business

British drugmaker GlaxoSmithKline said today that it has withdrawn from the race to buy Pfizer’s consumer healthcare unit, just a day after its main rival Reckitt Benckiser quit from bidding.

GSK shares jumped 4 per cent in early trading.

Pfizer has been hoping to fetch as much as $20bn for its unit, which includes brands such as Advil, Centrum multivitamins and Chapstick lip balm, according to the sources.

“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,” Chief Executive Emma Walmsley said.