Jefferies has been hired to work on the proposed spin-off of Reckitt Benckiser's pharmaceutical business – a potentially rare multi-billion-dollar mandate for the bank in Europe.

UK-based Reckitt Benckiser - which produces brands such as Clearasil spot cream, Durex condoms and French's mustard - is expected to spin-off its RB Pharmaceuticals arm next month, according to a statement. The division will be renamed Indivior and is expected to start trading in London on December 23.