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GSK completes $13B buyout of consumer health JV with Novartis

Novartis AG completed the $13 billion sale of its 36.5% stake in a consumer healthcare joint venture it had created with GlaxoSmithKline PLC in 2015.

GlaxoSmithKline, which purchased the stake, had previously said buying Novartis' ownership in the business removes uncertainty for its capital planning.

All four of Novartis' directors from the 11-member joint JV board agreed to step down following the completion of the transaction.