GlaxoSmithKline the UK pharmaceutical company advised by Morgan Stanley, is preparing to go head-to-head with Pfizer, its US rival advised by Lazard, in the bidding for Boots' £1bn (€1.5bn) over-the-counter medicines business, which was put up for sale last month.

Jean-Pierre Garnier, GlaxoSmithKline chief executive, told shareholders at the annual meeting yesterday: "We are looking at the Boots opportunity when it becomes available"