BY Richard Summerfield Following years of investor pressure, and despite repeated refusals, GlaxoSmithKline (GSK) has announced plans to split its existing businesses in half, while forming a new joint venture with rival Pfizer's consumer health division. The joint venture will have a market share of 7.3 percent, well ahead of its nearest rivals Johnson & Johnson, Bayer and Sanofi, all of which have around a 4 percent share, and combined sales of approximately $12.7bn. The new venture will combine GSK's Sensodyne, Voltaren and Panadol brands with Pfizer's Advil, Centrum and Caltrate. GSK has confirmed that the Horlicks brand will not be included in the joint venture as it is being sold to Unilever. GSK will have a majority controlling equity interest of 68 percent and Pfizer will have an equity interest of 32 percent, the firms confirmed in a statement. The merger will generate cost savings of £500m by 2022, according to GSK.