Top international pharmaceutical companies, Glaxosmithkline and Pfizer will come together in a merger deal.
GSK will have 68% of the new business. The company said the deal was a "compelling opportunity" to build on its earlier buyout of Novartis and deliver stronger sales.
"Through the combination of GSK and Pfizer's consumer healthcare businesses, we will create substantial further value for shareholders," said GSK chief executive Emma Walmsley.
"Ultimately, our goal is to create two exceptional, UK-based global companies, with appropriate capital structures, that are each well positioned to deliver improving returns to shareholders and significant benefits to patients and consumers."