Novartis Revamps, Buys GSK Cancer Drugs, Sells Animal Health To Lilly

Novartis is overhauling its pharma business by exchanging selected assets with GlaxoSmithKline and divesting its animal health business to Eli Lilly. Worth more than $25 billion, the complex corporate deal will boost the Swiss group’s oncology unit and create a consumer health joint venture, while divesting its vaccine unit to GSK.