Two of the world's largest pharmaceutical companies have joined forces to create a joint venture, with GlaxoSmithKline (GSK) and Swiss firm Novartis agreeing to create a new consumer healthcare business. Novartis said on Tuesday it had agreed to acquire GSK's oncology products for $14.5 billion, plus an additional $1.5 billion contingent on a development milestone. GSK, meanwhile, will pay $7.1 billion plus royalties for Novartis' vaccines business, excluding its flu business, Novartis said. The GSK and Novartis joint consumer healthcare venture will generate approximately £6.5 billion ($10.9 billion) in annual sales, according to GSK.
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