GlaxoSmithKline to propose deal with Novartis to shareholders

Pharmaceutical and healthcare company GlaxoSmithKline (GSK) announced a proposed deal with the Swiss multinational Novartis.

GSK said on Monday it will seek approval with its shareholders to make a transaction between Novartis and its consumer healthcare, vaccines and oncology businesses.

In a statement, GSK said: “It is the most significant transaction for the company since the creation of GSK in 2000 and is a major step towards fulfilling the company's strategy of creating a simpler, stronger and more balanced platform for long-term growth.”

The group is holding a general meeting with its shareholders on 18 December to seek approval, which is expected to be completed during the first half of next year.

Shares were down 0.64% to 1,472p at 12:15 on Monday.