GlaxoSmithKline and Novartis sign $25 billion worth of drug deals

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GlaxoSmithKline and Novartis sign $25 billion worth of drug deals
(Image credit: Thinkstock)

Two of the world's biggest drugmakers, Britain's GlaxoSmithKline and Switzerland's Novartis, announced a complex hodgepodge of deals worth at least $25 billion on Tuesday. The main components:

* Novartis agreed to buy Glaxo's oncology business for between $14.5 billion and $16 billion* Glaxo is buying Novartis' vaccine business for between $5.3 billion and $7.1 billion* The two companies are combining their consumer health (over-the-counter) divisions, with Glaxo taking 63.5 percent of the joint venture* Eli Lilly will purchase Novartis' animal health unit for about $5.4 billion

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.