GSK completes buyout of Novartis from joint venture
GSK has confirmed that its $13 billion buyout of Novartis from the companies’ consumer healthcare joint venture has been completed following approval from shareholders.
In a statement released on Friday, June 1, GSK said that shareholders approved the deal on May 3. Novartis’s stake in the business was 36.5%.
The deal was announced in March, as reported by LSIPR. That announcement was made just days after GSK said it was withdrawing its bid to acquire Pfizer’s consumer healthcare business.
According to GSK, the joint venture reported sales of £7.8 billion ($10.46 billion).
When the deal was announced in March, GSK’s CEO Emma Walmsley said it “addresses one of our key capital allocation priorities and will allow GSK shareholders to capture the full value of one of the world’s leading consumer healthcare businesses”.
She added: “Most importantly, it also removes uncertainty and allows us to plan use of our capital for other priorities, especially pharmaceuticals research and development.”
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