"Eighteen months ago, I set out clear priorities and a capital allocation framework for GSK to improve our long-term competitive performance and strengthen our ability to bring new breakthrough medicines and better healthcare products to people around the world. We have improved our operating performance and have set out a new approach to R&D," says Walmsley. "The transaction we have announced today is a unique opportunity to accelerate this work. Through the combination of GSK and Pfizer's consumer healthcare businesses, we will create substantial further value for shareholders. At the same time, incremental cash flows and visibility of the intended separation will help support GSK's future capital planning and further investment in our pharmaceuticals pipeline," Walmsley says. Pfizer had initially sought to sell off its consumer health business, with Nestlé, GSK and Reckitt Benckiser among the potential bidders.