GSK Novartis Asset Swap to be Completed Next Week

GlaxoSmithKline announced it expects to conclude its $20 billion-plus three-part asset swap with Novartis next week.

In April of last year, GSK announced it would be creating a new Consumer Health Care business through a joint venture that will combine Novartis’ over-the-counter drug business with GSK’s consumer business. Novartis will own 36.5% of the new "GSK Consumer Healthcare" venture, leaving GSK with 63.5% and managerial control.

GlaxoSmithKline also recently announced that its chairman-designate Philip Hampton will take charge in May, replacing Chris Gent, who has chaired GSK since 2005.

Read the Reuters press release