GlaxoSmithKline has announced it is on target to demerge its consumer healthcare arm, which will be called Haleon.

Haleon will be a £10bn turnover business listed on the London Stock Exchange in “mid 2022”, despite high profile interest in the arm from other suitors.

Unilever big £50bn for GSK’s health arm before Christmas, before backing down from further bids in January – while rumoured interest from private equity or other trade buyers has so far failed to materialise.

Instead, GSK said it remains “on track” to launch Haleon in mid-2022.

It said today the name – inspired by the merging of the words ‘Hale’, an old English word meaning ‘in good health’ and Leon, associated with the word ‘strength’ – was developed with input from employees, healthcare practitioners and consumers and will be deployed in more than 100 markets around the world where the business operates.

Haleon, which owns category-leading global brands, including Sensodyne, Voltaren, Panadol and Centrum, will be a “new world-leader in consumer healthcare”.

CEO designate Brian McNamara commented: “Introducing Haleon to the world marks another step in our journey to become a new, standalone company. Our name is grounded in our purpose to deliver better everyday health with humanity and to be a world-leader in consumer healthcare.

“We are on track to launch Haleon in mid-2022 and our business momentum is strong. We look forward to updating investors and analysts more on this at our capital markets event at the end of February.”

GSK CEO Emma Walmsley added: “Haleon brings to life years of hard work by many outstanding people to build this new company purely dedicated to everyday health. Haleon has enormous potential to improve health and wellbeing across the world with strong prospects for growth, and through listing will unlock significant value for GSK shareholders.”

GSK said demand from the £150bn consumer healthcare sector is currently strong, reflecting an increased focus on health and wellness, significant demand from an ageing population and emerging middle-class, and unmet consumer needs.

“The business is therefore well-positioned to deliver human health impact and to sustainably grow ahead of the market in the years to come,” it stated.

The new name was announced in advance of GSK hosting a Consumer Healthcare Capital Markets Day for investors and analysts on Monday 28 February, to provide details on the overall strategy, capabilities and operations of Haleon.