Novartis has agreed to acquire GlaxoSmithKline's (GSK) oncology products for an initial $14.5B and up to $1.5B in development milestones. In return, GSK will buy the Swiss company's vaccines business for $5.25B upfront and as much as $1.8B in milestones, as well as royalties. The latter deal doesn't include Novartis' flu business. Novartis (NVS) will also combine its over-the-counter operations with GSK Consumer Healthcare in a joint venture. GSK's shares were +5% premarket, while those of Novartis were +1.1%. It has also agreed to sell its animal-health division to Eli Lilly (LLY) for around $5.4B. The latter will fold the Novartis (NVS) unit into its Elanco business to create the second-largest company in the sector in terms of global revenue.