"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," said Chief Executive Emma Walmsley.
The announcement comes after fellow FTSE 100 constituent Reckitt Benckiser Group PLC confirmed on Thursday it also had ended talks with the US drugmaker over a takeover of the unit.
The Financial Times had reported on Thursday that Glaxo was in "pole position" to snap up Pfizer's Consumer Healthcare business.
Earlier on Friday, Glaxo said that its Shingrix has been approved in
The European Commission has approved Shingrix for the prevention of shingles, also known as herpes zoster, and post-herpetic neuralgia in adults aged 50 years or older.
The Japanese Ministry of Health, Labour and Welfare has also approved Shingrix for the prevention of shingles in adults aged 50 years or older.
Shingrix is a non-live, recombinant subunit adjuvanted vaccine given intramuscularly in two doses.
In
Glaxo said Shingrix is the first approved shingles vaccine to combine a non-live antigen, to trigger a targeted immune response, with a specifically designed adjuvant to generate "a strong and sustained immune response".
"The approvals of Shingrix in
Shingrix was approved in the US and