Novartis, Glaxo Swap Units; Lilly Buying Animal Biz
Big pharmas Novartis (NVS), GlaxoSmithKline (GSK) and Eli Lilly (LLY) announced a massive exchange of business units Tuesday morning in a set of deals with a total value of more than $28 billion. Novartis and Glaxo rose on the stock market today, while Lilly slipped a fraction. Switzerland-based Novartis agreed to buy British Glaxo’s oncology business for $14.5 billion, plus up to $1.5 billion in milestone payments depending on how products in the