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GSK steps back from $20 billion race for Pfizer assets

Staff Writer |
GlaxoSmithKline (GSK) has withdrawn from the race to buy Pfizer’s consumer healthcare business.

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“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 in a brief statement.

GSK was seen as the front runner to buy the assets, which include Advil painkillers and Centrum vitamins, after main rival Reckitt Benckiser quit the race on Thursday.

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