Novartis has completed the sale of its 36,5% stake in the Consumer Healthcare joint venture to GlaxoSmithKline for $13 billion. The transaction, Novartis explains in a note, "was completed in accordance with the terms of the transaction announced on March 27 and terminates Novartis' participation in the joint venture, which was established in 2015 as part of the transformation of the portfolio" of the Swiss pharmaceutical group.
Consumer Healthcare is a non-prescription drug company, including well-known and commonly used products such as the pain reliever Panadol, the toothpaste Acquafresh and the treatment Zovirax.
Novartis has elected to exit the joint venture to focus more on developing and growing its core businesses.
