On 3 November 2021, Novartis agreed to sell 53.3 million Roche bearer shares in a bilateral transaction to Roche for a consideration of USD 20.7 billion.

Novartis had acquired the stake between 2001 and 2003 for approximately USD 5 billion. The investment delivered dividends in excess of USD 6 billion to date.

The transaction is subject to the approval by the shareholders of Roche.

Bär & Karrer acts as legal advisor to Novartis in this transaction. The team included Susanne Schreiber (Tax) as well as Dieter Dubs and Rolf Watter (both Corporate and M&A).