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GSK in $13bn deal with Novartis

by LLB Reporter
27th Mar 18 7:20 am

Horlicks review on the cards

GSK looks set to snap up a 36.5 per cent stake in a consumer healthcare joint venture from Swiss healthcare giant Novartis for $13bn.

GSK said that it is initiating “a strategic review” of Horlicks and other consumer nutrition products to fund the deal. The review will include an assessment of its 72.5 per cent shareholding in the company.

It added that the majority of Horlicks and other nutrition products sales are generated in India through GlaxoSmithKline Consumer Healthcare Ltd which is floated in India.

The deal was done under GSK’s then boss Sir Andrew Witty.

Commenting on today’s deal, his successor Emma Walmsley, said: “The proposed transaction addresses one of our key capital allocation priorities and will allow GSK shareholders to capture the full value of one of the world’s leading consumer healthcare businesses.”

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