GlaxoSmithKline PLC agreed to pay Novartis AG $13 billion for its 36.5% stake in their consumer health-care joint venture, moving to consolidate the unit just three years after the two companies joined forces. The deal is the first significant strategic move for both companies’ young and newly installed chief executives, as they reposition their respective firms amid a series of other reviews and deal making across the industry.

Source: Wall Street Journal March 27, 2018 06:02 UTC