NEW YORK (TheStreet) -- Novartis (NVS) stock is gaining on Tuesday after announcing a series of major deals with GlaxoSmithKline (GSK) and Eli Lilly (LLY) which will reshape the pharmaceutical industry.
By midday, shares had added 1.2% to $86.46.
Swiss firm Novartis said it would purchase GSK's oncology portfolio for $14.5 billion, plus an additional $1.5 billion pending results from key cancer drug trials. The purchase of that division will bolster its position as the second-biggest pharmaceutical player in oncology behind Roche Holding.
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