New Delhi: Drug firm GlaxoSmithKline Pharmaceuticals has acquired Novartis' vaccines business and divested its marketed oncology portfolio to Novartis Healthcare.
The company has completed its transaction with Novartis Healthcare Pvt Ltd Wednesday whereby it has acquired Novartis' vaccines business and divested its marketed oncology portfolio to Novartis India, GlaxoSmithKline Pharmaceuticals said in a filing to the BSE.
"This follows a global transaction between GlaxoSmithKline plc, UK and Novartis AG, Switzerland which was completed in March 2015...," it added.
The acquisition provides GSK with an opportunity to build an even stronger, sustainable global vaccines business, GlaxoSmithKline Pharmaceuticals said.
"The transaction will enhance GSK's vaccines portfolio and bring together its expertise in virology, bacterial infection and technological platforms to deliver a reliable supply of high quality vaccines," it added.
In 2014, London-based GlaxoSmithKline Plc had entered into agreement with Basel-based Novartis AG to acquire the latter's vaccines business and manufacturing capabilities and sell the rights of its oncology portfolio, related R&D activities and AKT inhibitors currently in development to the Swiss firm.
As per the agreement Novartis was to acquire GlaxoSmithKline plc's (GSK) cancer drugs portfolio for USD 16 billion and sell its vaccines business in return for USD 7.1 billion, apart from forming a joint venture for the consumer healthcare business in a three-part transaction.