GSK buys stake in joint venture from Novartis for $13 bn
Drugmaker GlaxoSmithKline (GSK) has agreed to buy Novartis' 36.5% stake in their consumer healthcare joint venture for $13 billion in cash. Novartis will use the money to expand its business organically as well as for bolt-on acquisitions. Last week, GSK had withdrawn from the auction of Pfizer's consumer healthcare business, backing out of a deal worth a potential $20 billion.