Novartis to sell its Roche stake for $20.7 billion

Novartis agreed to sell its nearly one-third stake in fellow Swiss drugmaker Roche back to the company for around $20.7 billion.

Why it matters: This is the final chapter of a story that began in 2001, when Novartis launched an unsuccessful effort to buy its crosstown rival. It will help Novartis further streamline its business — selling generics unit Sandoz could be next — while Roche gets to rid itself of a competitor having veto rights.