Novartis in $28.5bn+ mega-deal with GSK, Lilly

Novartis has announced a major upheaval of its business, which will transform its portfolio and also that of GlaxoSmithKline, and to a lesser extent, that of Lilly. Novartis is to divest its vaccines business to GSK, while GSK will transfer its oncology products to Novartis. The two companies will combine their over-the-counter and consumer healthcare businesses in a joint venture. Separately, Novartis is divesting its animal health business to Lilly.