European
regulators have given conditional blessing to a proposed three-part deal
between GlaxoSmithKline and Novartis, under which the firms will exchange
assets and form a new consumer healthcare joint venture.
GSK intends
to sell its portfolio of cancer drugs to Novartis for up to $16 billion and is
buying the Swiss drug giant's vaccines unit for up to $7.1 billion (excluding
flu jabs), and both plan to create "a world-leading consumer healthcare
business" JV between Novartis OTC and GSK Consumer Healthcare.
In relation
to the vaccines acquisition, the European Commission has requested that GSK
sell its meningitis vaccines, Nimenrix and Mencevax, on a global basis, and
divest two small Novartis bivalent vaccines for protection against diphtheria
and tetanus in Italy and Germany.
With regard
to the consumer JV, GSK has agreed to sell its NiQuitin smoking cessation
products and Coldrex cold & flu products in the European Economic Area, its
local Panodil pain management and Nezeril/Nasin cold and flu products in
Sweden, and Novartis’s topical cold sore business in the EEA.
The deals
remain subject to other closing conditions but bagging regulatory backing is a
major advance, and the transaction is on track to complete during the first
half of 2015, the firms noted.
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