Rome, March 28 – RIF Day – Novartis has reached an agreement with GlaxoSmithKline (GSK) to sell them its 36.5% stake in the joint venture [ed: business association to achieve a goal] between the two groups active in Consumer Healthcare [ed: self-medication] for $13 billion.
The conclusion of the transaction, according to a note from the agency Radiocor Plus echoing a press release from the Swiss pharmaceutical group, it is expected in the second quarter of the year and the sale will allow Novartis to further focus on the development and growth of its core businesses. “As our consumer healthcare joint venture with GSK is progressing well, the time is right for Novartis to divest a non-core business at an attractive price. This will serve to strengthen our ability to allocate capital to grow our core businesses, drive shareholder returns, and execute value creation on acquisitions as we continue to build the leading pharmaceutical company." the Novartis C&O said Vas Narasimhan.
Novartis and GSK had created Consumer Healthcare in 2015 as part of the reorganization of the Swiss pharmaceutical company's activities.
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