
GSK has agreed to buy Novartis out of the companies' joint venture for £9bn
GSK also said it would initiate a strategic review of Horlicks and its other consumer healthcare nutrition products to support funding of the transaction, and to drive increased focus on OTC and Oral Health categories.
Investors appeared to welcome the decision, with the shares rising by as much as 7 per cent to a five-month high of £13.80.
Also, the deal will allow shareholders to capture the full value of GSK's Consumer Healthcare growth, the firm noted.
"While our consumer healthcare joint venture with GSK is progressing well, the time is right for Novartis to divest a non-core asset at a fair and attractive price", Novartis spokesperson Antonio Ligi told this publication. This review is going to include the assessment of its shareholding of the Indian subsidiary.
Pfizer has struggled in its attempt to sell its business of consumer healthcare since Reckitt Benckiser and GSK both pulled out of the bidding.
Consumer remedies sold over the counter have lower margins than prescription drugs, but they are typically well-known brands with customers. The pharmco explained that the proposed transaction addressed the group's stated key capital allocation priorities, supporting efforts to improve performance and capital planning. "Most importantly it also removes uncertainty and allows us to plan use of our capital for other priorities, especially pharmaceuticals [research]".
Apple Tips $299 iPad for Schools
While Apple tends to put a bit of time between announcement and release, that isn't the case here. Apple usually makes all of its announcements at its headquarters in California.
FCC Chairman Proposes to Prohibit Purchases From Security Threat-Vulnerable Firms
The White House already blocked several USA purchases of Chinese firms on grounds of national security previous year . Among the banned companies would likely be the Chinese firms Huawei and ZTE.
The Best And Worst Of WWE Raw 3/26/18: Cena Evil
It is possible that the Phenom will turn up to make the match with the 16-time WWE Champion official for WrestleMania 34 . The WWE Universe will embrace the Deadman having more matches as long as he can physically handle wrestling.
Announcing the review, GSK said the majority of Horlicks sales were generated in India, where the drinks range was seen as a portfolio of premium nutrition products.
Her counterpart at Novartis, Vas Narasimhan, who rose to the top spot last month, said the over-the-counter business is no longer central to the Swiss company's strategy.
The transaction gives Glaxo full control of a business that sells Theraflu cold medicine and Panadol pain relievers, while arming Novartis with more firepower for its pharmaceutical operations and acquisitions. That leaves Novartis with its pharma division, biosimilars unit Sandoz and eyecare business Alcon.
Under the terms of the original transaction, Novartis has the right, exercisable from 2 March 2018 to 2 March 2035 to require GSK to purchase its stake (or specified tranches of it) in the joint venture. LLC now owns 8,750 shares of the pharmaceutical company's stock worth $355,000 after acquiring an additional 1,500 shares during the last quarter.
GlaxoSmithKline plc (ADR) notes that it will need approval from regulators before it can complete the deal.
Recommended News
-
Ball tampering row : Meet cameraman Oscar who captured Smith
However, it hasn't stopped Twitter from doing what it does best - troll the Australian cricket team with their biting humour. Fuller says cricket does not belong to the Board. "I probably have not got as big a problem with it as a lot of people".LS adjourned till Wednesday: No Trust Motion not taken up
This is the seventh consecutive day when the motion on no confidence could not be taken up due to protests. The Speaker, however, contended that she could not do the headcount amid unruly scenes in the House.A gripping silence linked the Florida shooting to today's march in Washington
Gonzalez spoke with other Parkland , Florida, students on Saturday at a protest in Washington to demand action on gun control. Other cities across the country have adopted different approaches for their independently organized marches. -
'Last Jedi' gets the Shakespeare touch in new Star Wars book
Lucasfilm president Kathleen Kennedy ultimately ditched the majority of Lucas' treatments for the third trilogy in favor of J.J. Had things panned out differently, Luke Skywalker would have lived to see Star Wars: Episode IX .Zion Williamson wins McDonald's All-American dunk contest
On Monday night he defended that title winning the POWERADE Jam Fest slam dunk title at Morehouse College. The 2018 McDonald's All-American boys game will take place Wednesday at Philips Arena in Atlanta.Carlos Alban Sells 83574 Shares of AbbVie Inc
Wealthtrust invested 0% of its portfolio in AbbVie Inc . (NYSE: ABBV ) was sold by RICHMOND TIMOTHY J. on Wednesday, February 28. Caisse De Depot Et Placement Du Quebec stated it has 0.11% of its portfolio in AbbVie Inc . (NYSE: ABBV ) for 14,271 shares. -
Sean Penn lights up cigarettes on 'The Late Show with Stephen Colbert'
Did that clear things up? "How do you tell Sean Penn on Ambien, from Sean Penn not on Ambien? I'm on that train with you". When Sean Penn visited the The Late Show with Stephen Colbert he was a little sleepy .Warner expected to miss final Test in wake of ball-tampering scandal
Russell Gould in the Herald Sun also echoed calls from former players, fans and commentators for Smith's head to roll. De Villiers is now working as an Afrikaans commentator for SuperSport during Australia's tour to South Africa.Mountain lion tranquilized in neighborhood
A mountain lion was tranquilized after roaming through the backyards of multiple homes in a Southern California neighborhood. The lion was spotted in the eastern Los Angeles County community of Azusa, near the San Gabriel Mountains wilderness. -
Waymo partners with Jaguar to make an autonomous I-Pace SUV
At a press conference today in New York , Waymo CEO John Krafcik announced the world's first premium electric self-driving auto . The tie-in will see 20,000 self-driving Jaguar I-Pace SUVs added to Waymo's fleet by 2020, ready for customers to hail.Deutsche Bank (DBK) Given a €11.00 Price Target at Independent Research
The regular trading started at $13.99 but as the trading progresses, the stock escalated, ending the session with a gain of 2.33%. The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower.Hodges Capital Management Inc. Sells 23806 Shares of Gilead Sciences, Inc. (GILD)
BidaskClub lowered shares of Gilead Sciences from a "hold" rating to a "sell" rating in a research report on Saturday, March 3rd. Rmb Management Ltd Liability Corporation holds 0.11% or 54,452 shares. 264,896 were accumulated by Gotham Asset Mgmt Ltd Llc.