Novartis launched the long-awaited restructuring of its business on Tuesday, with several multibillion-dollar deals with GlaxoSmithKline and Eli Lilly & Co.
The deals include:
• Novartis will buy GSK’s Oncology business for $14.5 billion upfront, plus up to $1.5 billion more if certain milestones are met.
• Novartis will sell its Vaccine business, excluding the flu portion, to GSK for $7.1B, plus royalties.
• Novartis will sell its Animal Health business to Eli Lilly for roughly $5.4B.
• Additionally, GSK and Novartis are creating a new Consumer Health Care business through a joint venture that will combine Novartis’ over-the-counter drug business with GSK’s consumer business. Novartis will own 36.5% of the new "GSK Consumer Healthcare" venture, leaving GSK with 63.5% and managerial control.
Read the Boston Globe story here
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