11/4/2021, 8:05 AM (Source: TeleTrader)
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Novartis to sell stake in Roche for $20.7 billion

Novartis announced on Thursday that it reached an agreement to sell its stake in Roche to the company for $20.7 billion.

Novartis has owned Roche stock since 2001 and currently holds 53.3 million bearer shares, which amounts to a stake of 33% in the pharmaceutical company. The transaction is subject to approval from Roche shareholders.

"After more than 20 years as a shareholder of Roche, we concluded that now is the right time to monetize our investment. Today’s announcement is consistent with our strategic focus and we intend to deploy the proceeds from the transaction in line with our capital allocation priorities to maximize shareholder value and continue to reimagine medicine," Novartis CEO Vas Narasimhan stated.

Baha Breaking News (BBN) / NP