GlaxoSmithKline (GSK) has agreed to acquire Novartis’ 36.5% stake in the consumer healthcare joint venture established in 2015 for US$13 B (£9.2 B). For GSK,the steady cash flow will boost its earnings and allow it to focus on pharmaceutical drug development. Whilst for Novartis, the deal will streamline its operations and provide the financial means for bolt-on acquisitions and organic business growth.