12:22 PM EST, 02/26/2025 (MT Newswires) -- (Updates with Novartis' ( NVS ) response in the fifth paragraph.)

Novartis ( NVS ) stockholder Sandoz Family Foundation is selling about 26.5 million Novartis ( NVS ) shares in a transaction expected to raise 2.6 billion Swiss francs ($2.90 billion), multiple media outlets reported Wednesday, citing Goldman Sachs ( GS ) .

Emasan AG, the investment arm of the Sandoz Family Foundation, priced the shares at 98.25 Swiss francs each, according to the reports.

The transaction, managed by Goldman Sachs ( GS ) through an accelerated bookbuilt offering, corresponds to roughly 1% of Novartis' ( NVS ) outstanding shares, Reuters reported.

A Sandoz ( NVS ) spokesperson told the Swiss financial news agency AWP that the sale is part of a diversification strategy but did not disclose further details, Swissinfo reported.

"The stake Emasan is selling represents approximately 1% of our outstanding shares. The vast majority of our shareholders are institutional investors with a long-term view, and we expect this to continue," Novartis ( NVS ) told MT Newswires.

The Sandoz Family Foundation and Goldman Sachs ( GS ) did not immediately respond to requests for comment from MT Newswires. Emasan could not be reached for comment.

Price: 108.36, Change: -1.26, Percent Change: -1.15