In a bid to free up capital for R&D investment, GlaxoSmithKline (GSK) has entered into an agreement with Pfizer to combine their respective consumer health businesses and form a joint venture with combined 2017 sales of approximately £9.8 B (US$12.7 B). The all-equity deal gives GSK a controlling 68% stake in the joint venture, which will operate as GSK Consumer Healthcare, with Pfizer owning the remaining 32%. Within three years of the closing of the transaction, GSK intends to separate the business via a demerger. The deal builds on the long-time partnership between the two companies, having formed HIV company, ViiV Healthcare, together in 2009.