GSK To Acquire Novartis' Stake In Consumer Healthcare JV For $13.0 Bln

GSK To Acquire Novartis' Stake In Consumer Healthcare JV For $13.0 Bln

GSK said that as well as ending the Novartis venture it would start a strategic review of Horlicks and other consumer nutrition products, sparking another potential industry shake-up.

British drugs giant GlaxoSmithKline has agreed a 13 billion U.S. dollar (£9.2 billion) deal to buy Novartis's stake in its consumer healthcare joint venture.

GSK said the original joint venture agreement gave Novartis the right to require GSK to buy all or part of its stake at any point between March 2 this year and 2035.

Pfizer has been struggling to sell its consumer healthcare business after GSK and Reckitt Benckiser (RB.L) both dropped out of the bidding, while differences in price expectations have also hobbled German drugmaker Merck KGaA's (MRCG.DE) attempts to sell its consumer products unit.

PVG Asset Management Corp boosted its position in shares of GlaxoSmithKline plc (NYSE:GSK) by 304.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission.

The transaction is set to completed in the second quarter subject to necessary approvals.

The news comes after previous year, news suggested that Walmsley could sell the business in the United Kingdom, where it is sold as a bedtime drink.

Emre Can takes big swipe over contract rumours
I'm no longer going to comment on any false stories or rumours. 'Looking forward to getting back on the pitch asap'. Liverpool midfielder Emre Can has sought to walk back comments about his transfer plans.

However, GSK said India remains a "priority market" and it will continue to invest in growth opportunities for its OTC and oral health brands such as Sensodyne and Eno.

GSK had shown interest in Pfizer's consumer product subsidiary, which is estimated to be worth at least 20 million dollars, but the British firm dropped its bid last week.

GSK last week quit the race to buy Pfizer's (PFE.N) consumer healthcare business, endangering an auction the USA drugmaker hoped would bring in as much as $20 billion.

The deal is one of the biggest strategic moves since Emma Walmsley, a former boss of Glaxo's consumer business, became chief executive... GSK said this put option created uncertainty for its capital planning.

Walmsley added that the deal of buying out Novartis also will remove any uncertainty and allows GSK to play its use of capital for other places, especially R&D for pharmaceuticals. Also, insider Sir Roy Anderson purchased 562 shares of GlaxoSmithKline stock in a transaction dated Wednesday, February 7th.

The group said the sale of the 36.5 percent stake will enable it "to further focus on the development and growth of its core businesses".

Novartis chief executive Vas Narasimhan said while the joint venture was performing well, it was the right time to sell a non-core asset at an "attractive" price.

Related News:

  • Nissan unveils plans for 8 new EVs by 2022

    Nissan unveils plans for 8 new EVs by 2022

    The plans, which form part of Nissan M.O.V.E.to 2022, call for the development of eight new pure electric vehicles. In past year , Nissan sold 163,000 electric vehicles worldwide.

    Kinder Morgan (KMI) Downgraded to "Sell" at ValuEngine

    Institutional investors have recently modified their holdings of the stock. 73 funds opened positions while 129 raised stakes. Moreover, Green Square has 0.1% invested in Kinder Morgan, Inc . (NYSE: KMI ), with 8 analysts believing it is a strong buy.

    North Atlantic Treaty Organisation expels 7 staff from Russian mission, denies accreditation to 3 more

    Russia has denied any role in the attack, and has blamed an anti-Russian mania in the West for prompting the allegations.
  • White House looking into loans to Kushner's business

    White House looking into loans to Kushner's business

    He still maintains a stake in some company's properties, including those that received the loans subject to a probe. The letter (pdf) was written by acting director of the Office of Government Ethics David Apol and addressed to Rep.
    Alphabet's Waymo brings self-driving tech to Jaguar

    Alphabet's Waymo brings self-driving tech to Jaguar

    The I-PACE will be able to travel 240 miles on a single charge and accelerate from 0-60 mph in under five seconds. Waymo now tests its self-driving system on Chrysler Pacifica minivans built by Fiat Chrysler Automobiles.

    The Top Three Holders Of Rite Aid Corporation (RAD)

    For the current quarter Rite Aid Corp (NYSE:RAD) has high EPS estimates of $0.01 in contradiction of low EPS estimates of $-0.04. Equitec Proprietary Markets Llc sold 3.00 million shares as the company's stock declined 41.75% while stock markets rallied.
  • Spy poisoning case: Russian diplomat expected to be expelled here today

    Spy poisoning case: Russian diplomat expected to be expelled here today

    Britain itself expelled 23 diplomats earlier this month. "We didn't take this decision lightly", Foreign Minister Heiko Maas said.
    Theresa May's political secretary backed by Cabinet ministers after 'outing' ex-boyfriend

    Theresa May's political secretary backed by Cabinet ministers after 'outing' ex-boyfriend

    Mr Sanni claimed through his lawyers that he was "outed" by Mr Parkinson in the run-up to the Channel 4 disclosure. She added: 'You need to separate the gossip and the discrediting from what actually happened'.

    Texas Yale Capital Corp. Sells 584 Shares of Johnson & Johnson (NYSE:JNJ)

    It is flat, as 45 investors sold JNJ shares while 871 reduced holdings. only 111 funds opened positions while 645 raised stakes. After $1.74 actual EPS reported by Johnson & Johnson for the previous quarter, Wall Street now forecasts 15.52% EPS growth.
  • Roseanne Barr Reveals Why a 'Roseanne' Revival Didn't Happen Sooner

    Roseanne Barr Reveals Why a 'Roseanne' Revival Didn't Happen Sooner

    She was also joined by her co-stars John Goodman , Michael Fishman , Lecy Goranson and Sarah Chalke . In honor of the series' reboot (premiering tomorrow, March 27, on ABC ), find out for yourself...
    Florida fishermen stunned by large great white shark near boat

    Florida fishermen stunned by large great white shark near boat

    The remora, usually 2-2½ feet long, give you an idea of just how large the shark really is, he said. A great white shark swims past a diving cage off Gansbaai about 200 kilometers east of Cape Town.
    Women's tennis bounces off Rider and Swarthmore

    Women's tennis bounces off Rider and Swarthmore

    A great week for the women's side began on Thursday, March 22, defeating Rider University, 8-1, at the Student Recreation Center. After her match, Donahue remarked on the difficulties that the team faced with four of six singles matches going to three sets.


Most liked

Australian Archaeologists Find Surprise Mummy in Egyptian Coffin
The mummy is not whole and the remains have been heavily disturbed. "I've never excavated an Egyptian tomb, but this comes close". She added: " It could tell us so much , it's just an incredible find, I don't remember anyone finding something like this ".

Manchester United transfer report: Barcelona plot shock summer move for Luke Shaw
The Red Devils have been constantly linked with a the French global . Samuel Umtiti dodged a question about joining Manchester United.

Titans, QB Blaine Gabbert agree to deal
Gabbert spent the first nine weeks of last season on the inactive list as the Arizona Cardinals' scout-team quarterback. During those two campaigns, Gabbert passed for just under 6,800 yards, 40 touchdowns and 18 interceptions.

Sean Penn smokes cigarettes during late-night talk show appearance
But an amused Colbert , calling back to the Ambien, told Penn, "I'm on board". Another user said you either "get Sean Penn " or don't "get Sean Penn ".

Tempe Police release footage of fatal crash from inside self-driving Uber
The footage also includes an interior view of the human driver behind Uber's autonomous vehicle. Even though it stops before the moment of the crash, it is still disturbing and graphic.

United Kingdom sets June deadline for further actions against Russia — Global Geopolitical Series
The Russian embassy has a history of using humour, sharp rhetoric and the occasional snarky retort on their social media accounts. Sergei and Yulia Skripal remain in a critical but stable condition in hospital following the Salisbury attack on March 4th.

Donald Trump's approval rating highest in 11 months: CNN poll
Forty percent said they believe Trump can manage the government effectively; 36 percent said he is honest and trustworthy. Correction: The graphic for Trump's approval as President has been corrected to better reflect CNN's polling data.

Final Fantasy XV Director to Helm New Square Enix Studio
Square Enix said in a press release that the team will be working on creating new AAA IPs for an worldwide audience. Those projects have yet to be revealed; Luminous Productions is now on a hiring spree, based on its website .

Toxicology Report: Prince Had High Concentrations of Fentanyl in Body
Experts agreed that fentanyl was the most likely culprit that caused his death and it was "a pretty clear smoking gun". The newly surfaced toxicology report, however, reveals just how much of the drug was in his system when he died.

Sterling: Guardiola has made me a better player
Sterling, 23, made his global debut in 2012 and has won 36 caps, although he has been subjected to boos at stages of his England career.

Lok Sabha adjourned till noon
The leaders and members of several parties who met Naidu shared his concern and supported action against disruptors. After laying of listed papers, the chairman said the House should bid farewell to retiring MPs.

Ball-tampering update expected from Cricket Australia on Wednesday
However, CA is expected to be far harsher on the culprits when its findings are announced on Tuesday night (South African time). The Australian government agency responsible for allocating sports funding had demanded Cricket Australia act swiftly.

Packaging giant Smurfit Kappa knocks back would-be United States suitor for second time
The offer valued Smurfit at 8.9 billion euros ($11 billion) based on International Paper's closing price on Friday. With 236.9 million shares in issue, the new offer would value Smurfit at EUR8.89 billion.

Taking a Fresh Look at Facebook, Inc. (FB)
The average 12-month target price among brokerages that have updated their coverage on the stock in the previous year is $215.22. Facebook enables people to connect, share, discover and communicate with each other on mobile devices and personal computers.

Facebook's Sandberg Says She Regrets Not Speaking Out Sooner
After five days of silence, Zuckerberg released a Facebook post admitting mistakes and outlining steps to protect user data. If we've learned anything from the Cambridge Analytica scandal , its that our personal Facebook data has some real value.