Abstract
GlaxoSmithKline will spend $13 billion to buy Novartis’s 36.5% stake in the two drug companies’ consumer health care venture. GSK will fully own a business that includes Sensodyne toothpaste and over-the-counter pills. Vasant Narasimhan, Novartis’s new CEO, says the sale will help fuel his firm’s strategy of buying smaller pharmaceutical companies. The news came less than a week after GSK and Reckitt Benckiser both dropped out of the bidding for Pfizer’s consumer health care business, which Pfizer hopes to sell for $20 billion.
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