Novartis AG will not sell its 33% voting stake in Roche Holding AG, which is worth about $14 billion, Reuters reported Oct. 11.

In an interview with Swiss newspaper HandelsZeitung, Chairman Joerg Reinhardt said Novartis decided, after a review, that selling the stake does not make sense.

CEO Joe Jimenez had stated in May 2016 that the company was exploring the disposal of the stake in Roche without a premium, according to the news outlet.

Novartis built up its holdings in Roche between 2001 and 2003 under former Chairman Daniel Vasella in connection with a potential merger.