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Report: Novartis to launch sale of US generic pills unit

Novartis AG is planning to kick off an auction process for its U.S. generic pill business, Reuters reported citing anonymous sources.

The move could pave the way for a potential $1.6 billion sale of the unit, which has been struggling due to competition in pricing, the news outlet reported.

The Switzerland-based company will start a sale process for the business in the coming weeks and might attract other bidders, including pharmaceutical companies or private equity firms.