Drug makers Novartis and GlaxoSmithKline (GSK) have announced that they have completed several transactions totalling $20bn that will transform both companies.

British giant GSK is establishing a joint consumer health venture with the Swiss firm and is also purchasing Novartis's vaccines divisions. Novartis will assume control of GSK's cancer drugs arm.

Joseph Jimenez, CEO of Novartis, said: "The completion of the GSK transactions focuses Novartis, and further establishes our leading positions in key growing business segments.

"We expect this evolution of our strategy to improve margin performance and position us well to meet future changes in the healthcare industry."

Sir Andrew Witty, CEO of GSK, added: "Completion of this transaction represents a major step forward in the Group's strategy to create a stronger and more balanced set of businesses across Pharmaceuticals, Consumer Healthcare and Vaccines.

"We will now be focused on rapidly implementing our integration plans to realise the growth and synergy opportunities we see in the new Consumer Healthcare and Vaccines businesses."

GSK shareholders are anticipating a £4bn (€5.5bn, $6.2bn) capital return from the deal.

Both parties agreed to the deal back in April 2014 in a bid to bolster the top aspects of their respective businesses.