LONDON, Feb 25 (Reuters) - GlaxoSmithKline said onWednesday it expected to conclude a $20 billion-plus three-partasset swap with Novartis in the week commencing March2, following progress in obtaining clearances for the deal.
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.
(Reporting by Ben Hirschler; Editing by Elaine Hardcastle)