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Glaxo sells cancer arm to Novartis in £10bn deal

Swiss drugmaker Novartis has acquired GlaxoSmithKline's cancer-drug business.

In a deal which could be worth as much as $16 billion (£9.5 billion), Novartis separately said it would form a consumer-health care venture with Glaxo and sell it's animal business to Eli Lilly for $5.4 billion.

The new consumer business is expected to generate revenues of around £6.5 billion with Glaxo owning a majority 63.5% stake.

'Opportunities to build greater scale and combine high quality assets in vaccines and consumer health care are scarce,” Glaxo CEO Andrew Witty said in a statement. “With this transaction, we will substantially strengthen two of our core businesses and create significant new options to increase value for shareholders.'

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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