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.'