Estimated Preliminary Minority (37%) Closed Investment verified Consumer Health

GSK Consumer Healthcare (Novartis 36.5% stake) receives investment from GlaxoSmithKline

GlaxoSmithKline made a minority investment in GSK Consumer Healthcare (Novartis 36.5% stake), a Global consumer health brand, on Jun 1, 2018.

Preliminary: The transaction value, stake and EV/EBITDA are not yet independently verified.

Transaction summary

Company: GSK Consumer Healthcare (Novartis 36.5% stake)
Investor(s): GlaxoSmithKline
Selling shareholder(s): Novartis AG
Announced: 2018-03-27
Completed: 2018-06-01
Geography: Global
Tags: Consumer Health
Type: Acquisition
Deal type: Minority
Stake invested: 37%(unverified)
First added: 2026-10-31
Latest update: 2026-10-31

Investment and valuation context

100% enterprise value

USD 36B

Unverified

100% enterprise value | USD

Basis: Derived from source data

Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.

EV / revenue

3.56x

Period: FY2017

Basis: Public source

EV / EBITDA

20.1x

Unverified

EBITDA basis not stated

Basis: Estimated

Amounts paid and other reported values

Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.

Consideration: USD 13B

US$13bn paid for 36.5%.

Basis

GlaxoSmithKline paid US$13bn for 36.5%, which implies about US$35.6bn for the whole business. Multiples use 2017 sales of about US$10bn (£7.8bn) and, as an EBITDA estimate, operating profit of about US$1.77bn from GSK's stated 17.7% margin; EV/EBITDA is therefore an upper bound.

Source summary

GSK reaches agreement with Novartis to acquire full ownership of Consumer Healthcare business

Estimated

for the buyout of Novartis' 36.5% stake in their Consumer Healthcare Joint Venture for $13 billion (£9.2 billion).

Open source

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