Reckitt Benckiser unveils details of plan to demerge RB Pharmaceuticals

17th Nov 2014 07:05

Consumer products giant Reckitt Benckiser Group (RB) has unveiled the proposed timetable for the demerger of its RB Pharmaceuticals (RBP) business, which will have a separate UK listing under the name of Indivior.Under the move by the maker of Cillit Bang and Nurofen, RB investors will receive one Indivior share for each RB share that they hold."The board of RB considers that the de-merger is in the best interests of both RB and Indivior and will result in a stronger future for both," the group said.It also believes that Indivior will be a "more attractive partner for business development opportunities as a standalone and separately managed entity".A general meeting will be held on 11 December to approve the de-merger, with trading of Indivior expected to begin on 23 December.Indivior's chairman, Howard Pien, said: "Indivior, under the leadership of Shaun Thaxter, has built a global, industry leading company in addiction treatment."The business has a profitable opioid addiction business and a strong pipeline that has the potential to revolutionise how the chronic disease is treated worldwide. I, and our newly formed board, are delighted to lead Indivior through its next stage of evolution."RBP business is an international addiction business that in 2013 generated 80% of its $1.2bn net revenue in the US, where RBP has the leading position in products treating opioid addiction.Profit before tax for the year totalled $695, with gross assets at 30 June 2014 of $455m.