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
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