(Bloomberg) -- GlaxoSmithKline Plc has given its consumer-health unit a new name -- Haleon -- as the U.K. pharmaceutical company prepares to spin off the maker of Panadol painkillers and Sensodyne toothpaste this summer.
The company is nearing its biggest shakeup in two decades following the rejection of Unilever Plc’s multiple bids for the consumer arm in recent months. Glaxo plans to update investors on the unit’s strategy, finances and growth ambitions on Feb. 28.
“Introducing Haleon to the world marks another step in our journey to become a new, standalone company,” said Brian McNamara, the unit’s chief executive officer designate, in the statement. “We are on track to launch Haleon in mid-2022.”
Glaxo said the name Haleon is inspired by the words hale, an old English word that means “in good health,” and Leon, associated with “strength,” and was developed with input from employees, health workers and consumers. It will be used in more than 100 markets around the world where the business operates.
Shares of Glaxo were 0.5% lower in London trading, leaving them down 3.3% so far this year.
In response to Unilever’s interest, Glaxo had said it expects the consumer unit to see sales grow 4% to 6% in the medium term, faster than the market rate. It may be challenging to reach the top end of that goal, according to analysts at Bloomberg Intelligence.
Other companies are following Glaxo in focusing on the more profitable pharma market. Health-care giant Johnson & Johnson said in November it will split off its consumer division. The unit will be separated in 18 to 24 months, J&J said at the time.
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