Novartis to offload assets

Novartis is looking at selling 10-15% of its assets, which could include the animal health and over-the-counter drugs divisions, the company announced during its investors day.

The divestment strategy could include the sale of whole divisions or smaller assets within divisions.

According to a transcript of the event, Novartis CEO Joe Jimenez said the company had been examining areas of its portfolio to determine whether they are strong assets to Novartis. The firm looked at its smaller businesses to consider whether they could be strengthened or had already reached their full potential under Novartis's ownership. Around 85% of the company is made of three core divisions: pharmaceuticals, Alcon and generics.

The company recently sold its blood transfusion division to fellow pharma giant Grifols for $1.7bn as part of the portfolio review.

Jimenez also stated at the event that the company hopes to have completed its portfolio review and divestment phase in a year's time, due to the uncertainties of staff in the divisions that are potentially going to be sold.

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