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Novartis, GSK, Lilly sign multibillion-dollar deals to trade business units

GENEVA - Drugmaker Novartis says it has signed several multibillion-dollar deals with GlaxoSmithKline and Lilly that will affect some 15,000 of its employees.

The Basel, Switzerland-based company said Tuesday it will buy GSK's oncology products business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met.

It will also divest its vaccines business to GSK, excluding its flu business, for $7.1 billion, plus royalties. The two companies are also creating a new consumer health care business through a joint venture.

Separately, Novartis said it will sell off its animal health division to Lilly for about $5.4 billion and plans to sell its flu business.

Novartis CEO Joseph Jimenez told reporters the transactions will raise profits and "affect 15,000 Novartis employees," but didn't specify in which way.

The Canadian Press


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