Swiss drug maker Novartis announced a multi-billion dollar revamp on Tuesday, swapping assets with GlaxoSmithKline (GSK) and selling its animal health arm in a bid to simplify its business and increase its focus on high-margin cancer medicines.

Novartis said it had agreed to buy GlaxoSmithKline's oncology products for $14.5 billion, while selling to GSK its vaccines, excluding flu, for $7.1 billion plus royalties and creating a joint venture with GSK in consumer healthcare.

Novartis also said it had agreed to sell its animal health arm to Eli Lilly for approximately $5.4 billion.

Reuters - Global Times