Novartis AG said Tuesday that has entered into an agreement to sell its 36.5% stake in a consumer-healthcare venture with GlaxoSmithKline PLC to the pharmaceutical group for $13 billion in cash. The sale will allow Novartis to focus on its core business, the company said 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,” said Vas Narasimhan, CEO of Novartis. The venture was originally formed in 2015.
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