Advil meet Panadol: Pfizer and GSK are merging their consumer healthcare businesses

The two pharmaceutical giants — which own household brands like Advil and Tums — said in a statement Wednesday that the new company would have combined sales of $12.7 billion a year.

Britain's GSK (GSK) will control just over two-thirds of the joint venture, with US-based Pfizer (PFE) holding the rest.

This is a developing story.

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