Novartis (NVS) stockholder Sandoz Family Foundation is selling about 26.5 million Novartis 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 through an accelerated bookbuilt offering, corresponds to roughly 1% of Novartis' outstanding shares, Reuters reported.

A Sandoz 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 vast majority of our shareholders are institutional investors with a long-term view, and we expect this to continue," Novartis reportedly told Reuters.

Novartis, the Sandoz Family Foundation, and Goldman Sachs did not immediately respond to requests for comment from MT Newswires. Emasan could not be reached for comment.

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