Novartis and GlaxoSmithKline, two of the world's top drugmakers, have struck a multi-billion-dollar deal to join forces and reshape their businesses.
The deal involves swapping assets and combining their consumer health units.
Novartis will acquire GSK's cancer drugs business for 16bn dollars (£9.5bn) and sell its vaccines division, excluding the flu unit, to GSK for 7.1bn dollars.
In a separate deal, Novartis has agreed to sell its animal health division to Lilly for nearly $5.4bn.
Novartis said the moves would help the firm focus on its key businesses.
"The transactions mark a transformational moment for Novartis," Joseph Jimenez, chief executive of Novartis, said in a statement.
"They also improve our financial strength, and are expected to add to our growth rates and margins immediately."
What does Joseph Jimenez mean by saying, "It marks (the transactions would be a sign of) transformational moment (of change) for Novartis"?
And when he says, "They also improve our financial strength," what does the word "they" refer to? Does it refer to the transactions between GSK and Novartis? Or does it just refer to people and managers of GSK?
Could you also simplify the terms "rate" and "margins"?
A million thanks in advance.