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Novartis to buy GlaxoSmithKline cancer unit for up to $16 billion
Novartis to buy GlaxoSmithKline cancer unit for up to $16 billion

Swiss pharmaceutical giant Novartis AG announced a series of multibillion-dollar deals Tuesday with other major pharmaceutical companies that it said would reduce sales but boost profitability, while affecting some 15,000 of its employees globally.  The Basel, Switzerland-based company said it has agreed to buy GlaxoSmithKline plc's cancer-drug business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met, and to divest most of its vaccines business to GSK for $7.1 billion, plus royalties.  The two drugmakers also are creating a new consumer health care business through a joint venture. It combines Novartis' over-the-counter drug business with...

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