GlaxoSmithKline Pharmaceuticals' (GSK) acquisition of Novartis Healthcare's vaccines business is complete, and GSK has sold its marketed oncology portfolio to Novartis India, while Novartis retains its influenza vaccine.
The goal of the sale was to assist GSK in increasing its global market share in this area while enhancing GSK's portfolio of vaccines and marrying it with the company's expertise in virology, bacterial infection and technological platforms.
The transaction was the final one in a three-part deal between GSK and Novartis.
"Completion of this transaction represents a major step forward in the group's strategy to create a stronger and more balanced set of businesses across pharmaceuticals, consumer healthcare and vaccines," GSK Chief Executive Officer Andrew Witty said.
As part of the deal, GSK and Novartis launched a new consumer health care joint venture; GSK will have controlling interest with 63.5 percent equity and Novartis will have 36.5 percent ownership.
GSK paid $5.25 billion for Novartis's vaccines business, while Novartis purchased GSK's oncology division for $16 billion, including $1.5 million if certain milestones are met.
GSK will sell its meningitis vaccines Nimenrix and Mencevax globally and will sell two small Novartis bivalent vaccines for protection against diphtheria and tetanus in Italy and Germany.
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