GSK pulls out of $20 bln race for Pfizer assets

LONDON, March 23 (Reuters) - GlaxoSmithKline said on Friday it had withdrawn from the race to buy Pfizer’s consumer healthcare business, which the U.S. drugmaker believes could be worth as much as $20 billion.

The British company was seen as the front runner to buy the assets after its main rival Reckitt Benckiser quit the race on Thursday.

“While we will continue to review opportunities that may accelerate our strategy, they must meet our criteria for returns and not compromise our priorities for capital allocation,” Chief Executive Emma Walmsley said. (Reporting by Paul Sandle; editing by Guy Faulconbridge)