Carlyle, Blackstone Mull $25B Buyout For Novartis' Sandoz Arm: Report

Investor groups Blackstone and Carlyle could join forces on a massive $25 billion bid for Novartis AG's unit NVS Sandoz, Bloomberg reports, citing people close to the matter. 

• The publication said that the private equity firms are discussing a potential joint offer for the Novartis unit. 
• Separately, Advent International, Hellman & Friedman, and KKR & Co. are sizing up their approaches, Bloomberg's sources said.
• Sandoz is a sizable target, and some private equity funds could partner to bid. 
• Swedish firm EQT AB has been working with the Struengmann family, who previously sold their generic pharmaceutical business to Novartis, as it studies an offer for Sandoz.
• But it's early yet, and the suitors may decide against teaming up or proceeding with bids altogether, Bloomberg said.
• Related: Novartis May Have Buyer(s) For Its Sandoz Unit - Report.
• The interest in Sandoz comes as Novartis takes a magnifying lens to the business. Novartis launched a strategic review of its generics arm in October. The Company said it would provide an update by the end of 2022.
• Price Action: NVS shares are up 1.16% at $87.92 during the market session on the last check Tuesday.