The deal is set to complete in the second quarter subjectto the necessary approvals.
GSK said the transaction with Novartis was expected to addto adjusted earnings from 2018 and to strengthen cash flowgeneration.
It said it would also start a strategic review of Horlicksand other consumer nutrition products. The review will includean assessment of its shareholding in Indian subsidiaryGlaxoSmithKline Consumer Healthcare Ltd.
The joint venture was formed in 2015 as part of a sweepingrevamp that included combining the Novartis over-the-counterbusiness with the GSK consumer healthcare business.
Products include Panadol headache tablets, muscle gelVoltaren, and Nicotinell patches used by smokers who want toquit their habit.
"While our consumer healthcare joint venture with GSK isprogressing well, the time is right for Novartis todivest a non-core asset at an attractive price," Novartis CEOVas Narasimhan said.
GlaxoSmithKline last week quit the race to buy Pfizer'sconsumer healthcare business, endangering an auction the