Novartis in $16bn GSK division deal

Novartis and GlaxoSmithKline, two of the world's top drugmakers, have struck a multi-billion-dollar deal to join forces and reshape their businesses. The deal involves swapping assets and combining their consumer health units. Novartis will acquire GSK's cancer drugs business for $16bn and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn. In a separate deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn. Novartis said the moves would help the firm focus on its key businesses, according to BBC.