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Sep 26th, 2023
Sep 26th, 2023
Consumer-goods maker, Reckitt Benckiser, has confirmed its intention to proceed with proposals to list its pharmaceutical unit as a separate company on the London Stock Exchange.
Reckitt Benckiser owns household brands such as Cillit Bang, Vanish and Nurofen. The demerger is designed to free up focus on its core consumer health and hygiene businesses.
If approved by shareholders, the unit will be floated as a separately listed company by the end of the year. The division, which is to be named Indivior PLC, will see Shaun Thaxter enthroned as chief executive.
Mr Thaxter, in comments reported by The Telegraph, said that Indivior had “strong, medium to long term prospects” for investors looking to back a global addiction franchise.
Amid declining sales, Reckitt Benckiser launched the strategic review of its pharmaceutical business back in October 2013. A large portion of its drug sales derive from Suboxone- a product used to treat dependence on heroin and other opiates.
Adrian Bellamy, the Reckitt Benckiser chairman, said the review left little doubt that “the demerger is in the best interests of RB shareholders”.
Shareholders are expected to consider plans to spin-off the business at a meeting on December 11th. If the move goes ahead, they will receive one share in the new company for each share they currently hold.