LONDON, March 2 (Reuters) - GlaxoSmithKline andNovartis said on Monday they had completed a series ofasset swaps worth more than $20 billion that will reshape bothdrugmakers.
GSK is forming a consumer health joint venture withNovartis, while at the same time buying the Swiss company'svaccines business and divesting its cancer drugs portfolio toNovartis.
The two companies originally announced the transaction inApril 2014 to bolster their best businesses and exit weaker onesas the drugs industry contends with healthcare spending cuts andincreased generic competition.
GSK, which plans to return 4 billion pounds ($6.16billion)to shareholders following completion of thetransactions, said it would provide an in-depth view of itsprospects at an investor meeting to be held when it reportsfirst-quarter results on May 6.
($1 = 0.6495 pounds) (Reporting by Ben Hirschler, editing by Louise Heavens)