novartis_mit_us

Novartis exploring almost $14-billion stake sale in Roche – reports

pharmafile | April 26, 2016 | News story | Manufacturing and Production, Sales and Marketing Financial, Merger & Acquisition, Novartis, Roche, Stake sale 

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.

Anjali Shukla

Related Content

Roche’s Vabysmo approved by FDA for retinal vein occlusion treatment

Roche has announced that the US Food and Drug Administration (FDA) has approved Vabysmo (farcimab) …

Roche announces acquisition of Telavant

Roche has announced that it has entered into a definitive agreement to acquire Telavant Holdings, …

EC approves Roche’s Evrysdi for babies under two months with SMA

Roche has announced that the European Commission (EC) has approved the extension of Evrysdi’s marketing …

Latest content