An acquisition of this size would have put pressure on GlaxoSmithKline's ability to maintain its dividend. When quizzed on the prospects for the dividend late last year, GSK CEO Emma Walmsley was reluctant to give much away, doing little to ease investors' nerves. With dividend cover looking thin in recent years, it's not surprising that some investors have moved away from Glaxo in the pursuit of more sustainable dividends.Novartis dealHowever, on 23 March, Glaxo announced that it had withdrawn its interest in Pfizer's consumer healthcare business, with Walmsley stating that any potential deals must not compromise the group's priorities for capital allocation. Then, just four days later, GSK announced that it had reached an agreement with Novartis for the buyout of its 36.5% stake in their consumer healthcare joint venture for $13bn.The market was happy with this news.