A PYMNTS Company

Switzerland: Novartis parting with GlaxoSmitheKline for US$13b

 |  March 27, 2018

Swiss pharmaceutical firm Novartis is selling its stake in a consumer healthcare joint venture with GlaxoSmithKline to the British company for US$13 billion.

The joint venture was formed in 2015 and Novartis holds a 36.5% stake.

Novartis CEO Vas Narasimhan said in a statement Tuesday, March 27, that it “is progressing well,” but “the time is right for Novartis to divest a non-core asset at an attractive price.”

Novartis said the sale will be a cash transaction, and is subject to the approval of GSK shareholders. The four Novartis-appointed directors on the joint venture’s 11-member board will step down when the sale is completed.

Full Content: USA Today

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.