Flurry of deals reshapes pharma industry
Novartis and GlaxoSmithKline agreed to trade more than $USUS20 billion ($US21.4 billion) worth of assets to bolster their best businesses and exit weaker ones as the drug industry contends with healthcare spending cuts and generic competition.
The deals, which include Novartis’ purchase of GSK’s cancer drugs and GSK’s acquisition of Novartis’ vaccines business, came just after a newspaper report that AstraZeneca Plc had turned down a $US101 billion bid approach from Pfizer Inc, a story that sent shares up across the sector.
In addition, Novartis is selling its animal health arm to Indianapolis-based Eli Lilly for about $US5.4 billion in cash. That would make Lilly’s Elanco unit the world’s second-largest animal health business when that deal closes early next year. Sydney Morning Herald – Read more…
The deals, which include Novartis’ purchase of GSK’s cancer drugs and GSK’s acquisition of Novartis’ vaccines business, came just after a newspaper report that AstraZeneca Plc had turned down a $US101 billion bid approach from Pfizer Inc, a story that sent shares up across the sector.
In addition, Novartis is selling its animal health arm to Indianapolis-based Eli Lilly for about $US5.4 billion in cash. That would make Lilly’s Elanco unit the world’s second-largest animal health business when that deal closes early next year. Sydney Morning Herald – Read more…
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