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Home » Novartis to Sell $21 Billion Stake in Roche Back to Company
Novartis to Sell $21 Billion Stake in Roche Back to Company
Novartis has agreed to sell its approximately one-third voting stake in its competitor Roche back to Roche for $20.7 billion.
Novartis had held the large stake in Roche for more than two decades, acquiring the stock for $5 billion between 2001 and 2003. It was a long-term financial investment that “delivered significant, recurring earnings contribution and cumulative dividends in excess of $6 billion,” Novartis said.
“After more than 20 years as a shareholder of Roche, we concluded that now is the right time to monetize our investment,” said Novartis CEO Vas Narasimhan. Analysts theorize that the move indicates Novartis is preparing for a large acquisition.
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