Newspaper article The Journal (Newcastle, England)

Drugs Giant Agrees PS9.2bn Deal to Take over Division

Newspaper article The Journal (Newcastle, England)

Drugs Giant Agrees PS9.2bn Deal to Take over Division

Article excerpt

Byline: HOLLY WILLIAMS Business writer business@ncjmedia.co.uk @Jnlbusiness

BRITISH drugs giant Glaxo-SmithKline has agreed a $13bn (PS9.2bn) deal to buy Novartis' stake in its consumer healthcare joint venture.

Glaxo - which has a factory in Barnard Castle, Co Durham - will snap up the 36.5% stake to take full ownership of the division just a week after it pulled out of the bid auction for US group Pfizer's consumer healthcare business amid a shake-up in the sector.

The companies only launched the joint venture in 2015, but Swiss group Novartis said the deal was at an "attractive price", while Glaxo said it would allow the group to "capture the full value" of the business.

Glaxo added it is now considering putting its malted drinks brand Horlicks up for sale as part of a review of consumer nutrition products to help fund the deal with Novartis.

The review will also include its 72.5% stake in its Indian subsidiary GLAXOSMITHKLINE Consumer Healthcare. …

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