GlaxoSmithKline acquired Novartis' 36.5% interest in GlaxoSmithKline Consumer Healthcare Holdings, a consumer healthcare joint venture, for $13bn. Deal values Consumer Heathcare business at over $35.6bn. Emma Walmsley, Chief Executive Officer, GSK said: “The proposed transaction addresses one of our key capital allocation priorities and will allow GSK shareholders to capture the full value of one of the world’s leading Consumer Healthcare businesses. For the Group, the transaction is expected to benefit adjusted earnings and cash flows, helping us accelerate efforts to improve performance. Most importantly it also removes uncertainty and allows us to plan use of our capital for other priorities, especially pharmaceuticals R&D.”