GlaxoSmithKline is combining its consumer health business with that of US rival Pfizer, paving the way for a separation of its core consumer and pharmaceuticals businesses within three years. Chief executive Emma Walmsley is betting the cash generated by the enlarged consumer unit will fund further investment in the pharmaceutical business ahead of the demerger. Matthew Vincent is joined by Sarah Neville and Arash Massoudi to discuss the merits of the deal and its implications for the health and pharmaceuticals markets.

Contributors: Naomi Rovnick, FT Live reporter, Matthew Vincent, Lombard columnist, Sarah Neville, global pharmaceuticals editor and Arash Massoudi, corporate finance and deals editor. Producer: Sam Westran

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