The Competition Commission Friday said it has approved the formation of a joint venture for consumer healthcare products by pharmaceutical giants GlaxoSmithKline (GSK) and Pfizer.

In a tweet, the Competition Commission of India (CCI) said it "approves formation of a JV for consumer healthcare products by GSK and Pfizer."

The proposed combination involves acquisition of Pfizer's consumer healthcare business by GSK, and the combination of GSK and Pfizer consumer healthcare business into a global consumer healthcare joint venture under the sole control of GSK, as per a notice submitted to CCI.

After the deal, GSK will have a majority controlling equity interest of 68 per cent in the combined consumer healthcare business, while Pfizer will have a minority non-controlling equity interest of the remaining 32 per cent.

In consumer healthcare segment, GSK is active in research, development, manufacturing, and marketing of products which are typically available without prescription (over-the-counter) for various indications.

On the other hand, Pfizer's consumer healthcare segment develops, manufactures and markets non-prescription medicines, vitamins, and nutritional products.

GSK had said that the transaction is expected to close in the second half of 2019, subject to approval by its shareholders and certain antitrust authority approvals.

GSK is a British pharmaceutical company headquartered in London, whereas Pfizer is a US-based firm with headquarters in New York.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)