Novartis exploring almost $14-billion stake sale in Roche – reports
Swiss pharma firm Novartis (VTX: NOVN) maybe looking at options to sell its one-third stake in cancer drugmaker Roche’s (VTX: ROG) worth nearly $14 billion, according to reports.
Novartis bought and subsequently raised its stake to about 6% in Roche between 2001 and 2003 in what was an unsuccessful bid for a merger.
Novartis may sell the stake via an order book process involving certain investors partly to earn a premium on the current trading price, according to reports.
Last week, Novartis posted a 13% drop in net income for the first quarter on the back of falling sales for its bestselling cancer drug Gleevec as generic version of the therapy hit the markets.
The company reported net income of $2.01 billion. Sales were down 3% year-on-year to $11.6 billion impacted by currency movements, cost of new drug launches and restructuring costs.
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