GlaxoSmithKline is acquiring the Novartis consumer healthcare division for $13 billion. The purchase gives Glaxo full control of products that include Voltaren for muscle pain, Senosdyne toothpaste, Panadol for headaches and other Novartis products.
The Novartis over-the-counter brands are well known.
Last week, British-based GSK, which has a significant Triangle presence, dropped its bid for Pfizer’s consumer healthcare business.
“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,” Walmsley said in a statement on Tuesday.
The company said the deal also allows GSK to plan use of its capital for other purposes such as pharmaceuticals and R&D and will increase its earnings and cashflow.
The company also said it will begin a strategic review of other consumer products, which reports say could lead to a potential industry disruption.
GSK operates a corporate campus in RTP and a manufacturing plant in Zebulon.