Creation of the new GSK, Novartis OTC JV expected for the first week of March

LONDON — GlaxoSmithKline on Thursday announced that, following good progress on obtaining clearances and approvals to enable completion of its three-part transaction with Novartis, it expects to complete the transaction in the week commencing March 2.

 

The transaction includes GSK’s acquisition of Novartis’s vaccines business (excluding influenza vaccines), the creation of a consumer healthcare joint venture between GSK and Novartis and the divestment to Novartis of GSK’s marketed Oncology portfolio, related R&D activities and rights to two pipeline AKT inhibitors.

 

The conditions to complete the transaction include GSK shareholder approval, which was received on Dec. 18, 2014, and certain anti-trust approvals required by both GSK and Novartis. GSK cautioned that while completion is expected shortly, the transaction remains conditional on the confirmatory conditions and material adverse effect termination rights described in GSK's shareholder circular dated Nov. 20, 2014.