GlaxoSmithKline will purchase Novartis' 36.5 percent stake in their consumer healthcare joint venture for $13 billion, according to Reuters.
Here are four things to know.
1. The $13 billion transaction will give GSK full control of the consumer healthcare business, including domain over products such as Sensodyne toothpaste, Panadol headache tablets and Nicotinell patches.
2. GSK's move to buy out Novartis comes just one week after its decision to stop vying for Pfizer's consumer healthcare business, a deal the drugmaker hoped would bring in profits of $20 billion.
3. GSK officials said the buy-out would boost adjusted earnings and cash flows.
4. "The proposed transaction addresses one of our key capital allocation priorities and will allow GSK shareholders to capture the full value of one of the world's leading consumer healthcare businesses," said GSK CEO Emma Walmsley, according to Reuters.