GlaxoSmithKline may spin off consumer healthcare arm - report

British drug giant GlaxoSmithKline may spin off its consumer health division as it tries to get to grips with increasing competition for its drugs and Chinese bribery allegations, it was reported on Monday.Glaxo may demerge the business, which includes brands such as Aquafresh toothpaste, Panadol painkillers and Horlicks, in time but had no immediate plans, Chief Executive Andrew Witty told the Financial Times.The group has already struck up a $20bn deal with Novartis in April to swap assets and set up a consumer healthcare joint venture, in which Glaxo would have a 63.5% stake.Last week, Glaxo warned on full year profit after competition to its Advair lung drug caused a worse-than-expected 13% fall in sales in the second quarter.It is facing an investigation in China into allegations that its staff bribed doctors and officials to prescribe its medicines.In May, Britain's Serious Fraud Office opened a criminal investigation into the group's commercial practices.Shares in Glaxo rose 9.5p or 0.7% to 1432.5p at 09:54 in London.PW