The Basel, Switzerland-based company said Tuesday it will buy GSK's oncology products business for $14.5 billion, plus up to $1.5 billion more if certain milestones are met.
It will also divest its vaccines business to GSK, excluding its flu business, for $7.1 billion, plus royalties. The two companies are also creating a new consumer health care business through a joint venture.
Separately, Novartis said it will sell off its animal health division to Lilly for about $5.4 billion and plans to sell its flu business.
Novartis CEO Joseph Jimenez told reporters the transactions will raise profits and "affect 15,000 Novartis employees," but didn't specify in which way.