Published By : 30 Sep 2015 | Published By : QYRESEARCH
The pharmaceutical company GlaxoSmithKline Pharmaceuticals has announced yesterday that it completed the transaction for acquiring the vaccines business of the pharma company Novartis and has in return dissociated itself from its marketed oncology portfolio, which is acquired by the Novartis.
GlaxoSmithKline Pharmaceuticals completed the transaction with Novartis Healthcare Pvt Ltd yesterday wherein the vaccine business of the latter was acquired, traded for its oncology portfolio to Novartis, GlaxoSmithKline Pharmaceuticals stated in a filing to the BSE.
The acquisition allows GlaxoSmithKline Pharmaceuticals the opportunity to develop an even stronger and sustainable business of vaccines in the global market, representatives of the company said.
The filing states that the transaction will enhance the vaccines portfolio of the company and bring its expertise in the fields of bacterial infection, virology, and technical platforms together for the delivery of a reliable supply of high quality vaccines to its global consumers.
London-based GlaxoSmithKline Pharmaceuticals had entered into an agreement in 2014 with the Bases-based company Novartis AG for acquiring the vaccine business along with manufacturing capabilities with the latter and sell the rights for its line of oncology products, with related R&D activities, and also the AKT inhibitors which are currently in development to Novartis.
According to the agreement, Novartis had decided to acquire the cancer drugs portfolio of GSK for US$16 billion and sell in return its vaccines business to GSK for US$7.1 billion, apart from the decision to form a joint undertaking for the consumer healthcare business.
This is the completion of the transaction that was decided between GSK and Novartis in a global deal dated February 12, 2015. Industry sources say that the existing vaccines portfolio of GSK contributes nearly 15 percent to the company’s overall revenues. The company is a leader in a wide range of vaccines that fall in the non government category and includes vaccines for influenza, hepatitis A and B, and chickenpox