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.
Read more Business News
- Boonstock beginsPenticton / S. Okanagan - 2:11 pm
- Pro-Palestinians protestWest Kelowna - 3:07 pm
- Standing up for Israel?Poll - 5:00 pm
- YLW runway clearKelowna - 1:02 pm
|QHR Technologies Inc||1.20||-0.01|
|Anavex Life Sciences||0.255||-0.007|
|Copper Mountain Mining||2.67||-0.08|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.155||+0.005|
Eighty percent of our success in learning from other people is based on how well we listen. Other people’s experience can be enormously helpful. With it we can often overcome time restraints and...
On March 6, 2010 a bridge in Turku, Finland bent 56 inches (143 centimeters) due to structural failures of both piers. No one was injured. The bridge had to be demolished 4 months later. Our infrast...
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...