Novartis in Rumored Talks to Sell $14 Billion Roche Stake

Source: Reuters

Apr 26, 2016

Novartis is discussing options with banks for selling its near $14 billion stake in rival Roche, reports Reuters, citing two, unnamed sources "familiar with the situation."

Novartis built up its one-third stake in Roche's voting stock between 2001 and 2003. According to Reuters, pushing ahead with a sale now could make sense for current Novartis Chief Executive Joe Jimenez, who is under pressure to improve growth after disappointments with the company's eyecare unit Alcon and new heart drug Entresto.

"Sooner or later the stake will be sold and Novartis is talking to banks about how it could be done. But nothing is imminent," one source said.

Click here to read the full report from Reuters.