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Novartis selling consumer-healthcare JV stake to GlaxoSmithKline

Novartis AG NOVN, -Eight.04% stated Tuesday that has entered into an settlement to sell its 36.five% stake in a consumer-healthcare project with GlaxoSmithKline PLC GSK, +0.03% GSK, +4.67% to the pharmaceutical workforce for $13 billion in money. The sale will allow Novartis to concentrate on its core industry, the company stated in a press release. "This will strengthen our ability to allocate capital to grow our core businesses, drive shareholder returns, and execute value-creating bolt-on acquisitions as we continue to build the leading medicines company, powered by digital and data," stated Vas Narasimhan, CEO of Novartis. The project used to be at the start shaped in 2015.