Sandoz family foundation offers USD 3 billion worth of Novartis shares
Emasan AG, a subsidiary of the Sandoz Family Foundation, has initiated a public offering of approximately 26.5 million shares in Novartis, aiming to raise up to $3 billion through an accelerated bookbuilt offering, according to the bookrunner.
As per the offering terms, which were reviewed by Reuters on Tuesday, Emasan AG is pricing the shares at 98.25 Swiss francs per share. This marks a 2.5% discount to the market price.
The stake Emasan is selling represents roughly 1% of Novartis's outstanding shares, the pharma company said.
The vast majority of Novartis shareholders are institutional investors with a long-term view, which the company expects to continue, a Novartis spokesperson said.
Books for the deal are covered, the bookrunner said.
Emasan was the second largest Novartis shareholder at the end of 2024 with 4.1% of the stock, according to the firm.
Sandoz was one of the two predecessor companies which combined to form Novartis in 1996.
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