GlaxoSmithKline (GSK) on Tuesdsay said it had agreed to buy Novartis' 36.5% stake in their Consumer Healthcare Joint Venture for $13bn (£9.2bn).
The joint venture was formed as part of the three-part transaction between GSK and Novartis in 2014.

GSK said the transaction is expected to be accretive to adjusted earnings in 2018 and beyond, and is expected to strengthen operational cash flows.

"Together with the group's new launch opportunities and expected operational improvements, these financial benefits further support GSK's increased confidence in its ability to deliver its 2020 outlooks and invest effectively in the group's other priorities," GSK said.

The company added that it was starting a strategic review of Horlicks and its other consumer healthcare nutrition products to support funding of the transaction.

The majority of Horlicks and other nutrition products sales are generated in India by a listed GSK unit in which it holds 72.5%.

GSK said it expected the review to be concluded around the end of 2018 adding that there could "be no assurance that the review process will result in any transaction".

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