Reginal Thomas
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GSK Close To Completing $20 Billion Asset Swap With Novartis

GlaxoSmithKline said it expects to conclude a $20 billion three part asset swap with Novartis in the week commencing March 2. GSK is building a consumer health joint venture with Novartis, while still acquiring the Swiss company's vaccines business and divesting its cancer drugs portfolio to Novartis. The two firms announced the deal in April 2014 to bolster their best business and leave weaker ones as the drugs industry contends with healthcare spending cuts and increased generic competition.