Member Article

Novartis reports solid quarter after announcing partnership with GlaxoSmithKline

Drug-maker Novartis, which operates a Grimsby facility, has reported a solid quarter, with an increased operating income on the last quarter of $3.5 billion.

This comes after the announcement that Novartis and GlaxoSmithKline struck a multi-billion-dollar partnership deal to reshape their businesses.

The deal involves swapping assets and combining their consumer health units.

Novartis will acquire GSK’s cancer drugs business for $16bn (£9.5bn) and sell its vaccines division, excluding the flu unit, to GSK for $7.1bn.

In another deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn.

Commenting on the results, Joseph Jimenez, CEO of Novartis, said: “Novartis delivered a solid quarter, with all divisions contributing to growth.

“We made progress in innovation, including EU and US approval of Xolair in chronic spontaneous urticaria and significant milestones for Bexsero. The transformational deals announced on Tuesday position the company for future success based on our sharpened focus, innovation power and financial strength.”

This was posted in Bdaily's Members' News section by Clare Burnett .