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(Adds details on drugs, background)
By Ben Hirschler
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 transactions inApril 2014 to bolster their best businesses and exit weaker onesas the drugs industry contends with healthcare spending cuts andincreased generic competition.
GSK, which now plans to return 4 billion pounds ($6.2billion) to shareholders, said it would provide an in-depth viewof its prospects at an investor meeting to be held when itreports first-quarter results on May 6.
The complex deals are more significant for GSK than forNovartis, reflecting the fact that the British group's marketvalue is less than half that of its Swiss rival.
After holding off from providing financial guidance for thisyear when it reported annual results last month, GSK said itwould provide 2015 earnings guidance and "profile the medium andlong-term shape and opportunities" of the group on May 6.
The transactions come at a critical time for the Britishdrugmaker, which will see new chairman Philip Hampton take overon May 7.
Hampton, who chairs Royal Bank of Scotland, takesthe reins following a tough year at GSK, which was hit by arecord fine of nearly $500 million in China for bribing doctorsand has disappointed investors with weak lung drug sales.
The poor performance resulted in the bonus paid to ChiefExecutive Andrew Witty for 2014 being cut by 51 percent.
GSK is receiving net after tax proceeds from the Novartistransactions of $7.8 billion, the majority of which will bedistributed to shareholders through a so-called B share scheme.
For Novartis, the asset swaps will boost the company'salready substantial presence in oncology and are expected tolift core margins immediately.
The Swiss drugmaker now has a portfolio of 22 oncology andhaematology medicines, with the GSK deal providing new therapiesin melanoma, kidney and blood cancers.
Novartis is paying $16 billion for GSK's cancer drugs,although up to $1.5 billion of this may have to be returned toNovartis if GSK's melanoma drugs fail to meet expectations. GSKbelieves the necessary conditions will be satisfied, afterrecent positive clinical trial results.
On top of the transactions with GSK, Novartis also sold itsanimal health business to Eli Lilly.
($1 = 0.6495 pounds) (Editing by Louise Heavens and Mark Potter)
