As part of the three-way transaction announced today, the Swiss firm will buy GSK's cancer drugs portfolio for USD 16 billion and sell its vaccines business in return for USD 7.1 billion.
GlaxoSmithKline Consumer Healthcare today said the multi-billion dollar global deal between parent GlaxoSmithKline Plc and Swiss drug major Novartis won't affect its business in India.
The two companies agreed to form a joint venture by combining Novartis' over-the-counter division with GSK's consumer business to create a business with USD 10 billion in annual sales. GSK will hold a 63.5 percent stake in the venture.
"This consumer healthcare joint venture will exclude GlaxoSmithKline Consumer Healthcare Ltd India, where GSK plc will continue to hold directly its interests in the listed entity," GlaxoSmithKline Consumer Healthcare (GSKCH) said in a filing to the BSE.
As part of the three-way transaction announced today, the Swiss firm will buy GSK's cancer drugs portfolio for USD 16 billion and sell its vaccines business in return for USD 7.1 billion.
Also read: Novartis transforms drug biz via deals with GSK and Lilly
Novartis, based in Basel, will acquire GSK's oncology products for a USD 14.5 billion payment and up to USD 1.5 billion contingent on a development milestone. Novartis would have opt-in rights to GSK's current and future oncology R&D pipeline.
Novartis will divest its vaccines business, excluding flu, for USD 7.1 billion plus royalties. The upfront payment is USD 5.25 billion and up to USD 1.8 billion is in milestones.
Earlier this year, GSK increased its stake in the Indian arm, GlaxoSmithKline Consumer Healthcare, to 75 percent following the completion of a Rs 6,400 crore open offer. GlaxoSmithKline Consumer Healthcare shares closed at Rs 4,368 on the BSE, up 0.06 percent.
GlaxoSmith Con stock price
On April 22, 2014, GlaxoSmithKline Consumer Healthcare closed at Rs 4357.60, down Rs 7.8, or 0.18 percent. The 52-week high of the share was Rs 6020.00 and the 52-week low was Rs 3645.00.
The company's trailing 12-month (TTM) EPS was at Rs 119.62 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 36.43. The latest book value of the company is Rs 443.23 per share. At current value, the price-to-book value of the company is 9.83.
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