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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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