GENEVA (AP) — Swiss pharmaceutical firm Novartis says it is selling its stake in a consumer health care joint venture with GlaxoSmithKline to the British company for $13 billion.

The joint venture was formed in 2015 and Novartis holds a 36.5-percent stake. Novartis CEO Vas Narasimhan said in a statement Wednesday that it "is progressing well," but "the time is right for Novartis to divest a non-core asset at an attractive price."

Novartis said the sale will be a cash transaction, and is subject to the approval of GSK shareholders. The four Novartis-appointed directors on the joint venture's board will step down when the sale is completed.