CORRECTED-Novartis exchanges assets with Glaxosmithkline

Tue Apr 22, 2014 2:12am EDT

(Corrects $7.1 million to $7.1 billion in second paragraph)

ZURICH, April 22 (Reuters) - Swiss drugmaker Novartis said on Tuesday it would exchange certain assets with GlaxoSmithKline and divest its animal health business to Eli Lilly.

Novartis said it had agreed to acquire GSK's oncology products for a $14.5 billion payment. The Swiss drugmaker said it would divest its vaccines business, excluding flu, to GSK for $7.1 billion plus royalties.

In a separate transaction, Novartis said it had agreed to divest its animal health division to Eli Lilly for approximately $5.4 billion. (Reporting by Alice Baghdjian; Editing by Erica Billingham)

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