A proposed transaction between two multinational pharmaceutical and consumer healthcare product companies, GlaxoSmithKline (GSK) and Novartis was recently given the go-ahead by the Competition Bureau. The proposed transaction was announced on April 22, 2014 as a three-part, inter-conditional transaction, which involved the creation of a joint venture between GSK and Novartis for their over-the-counter (OTC) and consumer healthcare products. GSK would also acquire Novartis’ global vaccine business, while Novartis would acquire GSK’s portfolio of oncology products. Undertakings given by GSK to EU and US competition agencies dispelled the Bureau’s concerns that some aspects of the transaction could lessen competition. Although ... [more] Full article