GSK STRIKES $13 BN DEAL WITH NOVARTIS

GlaxoSmithKline, the UK’s biggest drug maker, will pay $ 13 billion to buy out Swiss giant Novartis AG’s 36.5 per cent stake in their consumer health JV. Starting this month, Novartis had the right to trigger a Glaxo purchase of its stake in the venture. The deal will strengthen GSK’s consumer business while Novartis will now focus on its core expertise, namely, prescription drugs and R& D.