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GlaxoSmithKline Plc announces major three-part transaction with Novartis

Tuesday, 22 Apr 2014 02:01am EDT 

GlaxoSmithKline Plc:GSK and Novartis will create Consumer Healthcare Joint Venture to hold GSK's Consumer Healthcare business and Novartis' OTC Consumer Healthcare business.GSK will have controlling 63.5 pct equity interest in joint venture company with Novartis interest being 36.5 pct.GSK will acquire Novartis' global Vaccines business (excluding influenza vaccines) for initial cash consideration of $5.25 bln with subsequent potential milestone payments of up to $1.8 bln and ongoing royalties.GSK will divest marketed Oncology portfolio, related R&D activities and rights to AKT inhibitor and also grant of commercialisation partner rights for future oncology products to Novartis for aggregate cash consideration of $16 bln.GSK shareholders to receive 4 bln Pound capital return funded by net cash transaction proceeds and expected to be delivered via B share scheme.Transaction is expected to complete during the first half of 2015.