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GSK Buys Novartis' $ 13 Billion in Consumer Healthcare Companies



ZURICH (Reuters) – GlaxoSmithKline ( GSK.L ) will announce Novartis ( NOVN.S ) 36.5 percent of its consumer healthcare joint venture for 13.0 Buy billions of dollars in cash Partners said on Tuesday.

FILE PHOTO: The logo of Swiss pharmaceutical manufacturer Novartis can be seen at the company's plant in the northern Swiss city of Stein October 23, 2017. REUTERS / Arnd Wiegmann

The transaction is expected to be completed in the second quarter of the necessary permits.

GSK said the transaction with Novartis should contribute to the adjusted results from 201

8 and strengthen cash flow generation.

It was also said that a strategic review of Horlicks and other consumer nutrition products would begin. The review includes an assessment of the investment in the Indian subsidiary GlaxoSmithKline Consumer Healthcare Ltd.

FILE PHOTO: The GlaxoSmithKline (GSK) logo can be seen at GSK Asia House in Singapore on March 21, 2018. 2018. REUTERS / Loriene Perera / File Photo

The joint venture was formed in 2015 as part of a major redesign that included the combination of Novartis' GSK Consumer Healthcare business.

Products include Panadol headache tablets, muscle gel Voltaren and Nicotinell patches used by smokers who want to give up their habit.

"While our consumer healthcare joint venture with GSK is making good progress, it is time for Novartis to divest a non-core asset at an attractive price," said Novartis CEO Vas Narasimhan.

Last week, GlaxoSmithKline kicked off the race to purchase Pfizer's ( PFE.N ) consumer healthcare business, threatening an auction that the US pharmaceutical company reportedly raised to $ 20 billion ,

Reporting by Michael Shields, adaptation by John Revill


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