Novartis and GlaxoSmithKline, two of the world's leading drugmakers, have agreed to exchange assets and combine their consumer healthcare units.
Novartis will acquire GSK's cancer drugs business for $16bn (£9.5bn) and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn.
In a separate deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn.
Novartis said the moves would help the firm focus on its key businesses.
"The transactions mark a transformational moment for Novartis," Joseph Jimenez, chief executive of Novartis, said in a statement.
"They also improve our financial strength, and are expected to add to our growth rates and margins immediately."
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