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GSK and Novartis complete deals to reshape both drugmakers

Reuters - UK Focus

LONDON, March 2 (Reuters) - GlaxoSmithKline (Other OTC: GLAXF - news) and Novartis (LSE: 0QLR.L - news) said on Monday they had completed a series of asset swaps worth more than $20 billion that will reshape both drugmakers.

GSK is forming a consumer health joint venture with Novartis, while at the same time buying the Swiss company's vaccines business and divesting its cancer drugs portfolio to Novartis.

The two companies originally announced the transaction in April 2014 to bolster their best businesses and exit weaker ones as the drugs industry contends with healthcare spending cuts and increased generic competition.

GSK, which plans to return 4 billion pounds ($6.16 billion)to shareholders following completion of the transactions, said it would provide an in-depth view of its prospects at an investor meeting to be held when it reports first-quarter results on May 6.

($1 = 0.6495 pounds) (Reporting by Ben Hirschler, editing by Louise Heavens)