Killik has maintained a 'buy' recommendation on GlaxoSmithKline (GSK), saying that the company's major three-part transaction with Swiss pharmaceuticals peer Novartis on Tuesday will accelerate growth, provide cost savings and generate increased returns.The first part of the deal will see GSK and Novartis create a new Consumer Healthcare business with 2013 pro-forma revenues of £6.5bn. GSK will have majority control with a 63.5% equity stake.Killik said: "The new business will hold category-leading positions and brands in wellness, oral health, nutrition and skin health, combining OTC and FMCG capabilities and expertise. The deal represents new growth opportunities for several major Novartis brands that currently have relatively limited exposure to high growth emerging markets."The British group will then acquire Novartis' global Vaccines business excluding influenza treatments for an initial cash consideration of $5.25bn, with subsequent potential milestone payments of up to $1.8bn and ongoing royalties.Killik said that this acquisition will significantly enhance GSK's portfolio and pipeline, whilst strengthening its manufacturing network and reducing supply costs. Meanwhile, GSK will sell its marketed Oncology portfolio to Novartis for an aggregate cash consideration of $16bn, of which up to $1.5bn is dependent on results of a trial.According to Killik, this is an "opportunity to crystallise an attractive value for its portfolio"."We believe today's announcement is attractive, and the shares have responded positively as a result. The transaction will accelerate the group's strategy and substantially strengthens two of its core businesses. "We remain positive on the shares, which currently offer a 5.4% dividend yield."The stock was 5.5% higher at 1,644.34p by 12:38.BC