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| Name | Symbol | Market | Type |
|---|---|---|---|
| GSK plc | NYSE:GSK | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.23 | 0.53% | 43.58 | 43.68 | 43.27 | 43.58 | 4,048,068 | 01:00:00 |
From May 2019 to May 2024
By Andrew Morse
ZURICH-- Novartis AG said Thursday it had completed a roughly $5.4 billion sale of its animal health division to Eli Lilly & Co., part of the Swiss drug giant's sweeping portfolio overhaul.
Basel-based Novartis said the transaction would result in an exceptional pretax gain of about $4.6 billion in the first quarter of 2015.
The sale of the animal health division is part of a complex overhaul of Novartis that will focus the company on three core businesses. The businesses--pharmaceuticals, eye care and generic drugs are deemed to have global scale that will let them be competitive.
As part of the overhaul, which was announced last April, Novartis is acquiring London-based GlaxoSmithKline PLC's oncology unit for around $14.5 billion, adding to the company's lineup of cancer drugs. At the same time, Glaxo is paying $5.25 billion for Novartis's vaccines business, including its promising Bexsero meningitis B vaccine.
The two companies will also combine their over-the-counter drug businesses under Glaxo's management.
Novartis said the animal health division had net sales of about $1.1 billion in 2013 and had posted net sales of about $900 million through the third quarter of 2014.
Sales at Indianapolis-based Lilly's animal-health business more than doubled to $2.15 billion in 2013 from 2007, as the company expanded its operations through a series of acquisitions.
Write to Andrew Morse at andrew.morse@wsj.com
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