Novartis (NVS) stakeholder Emasan is offering to sell around 26.5 million shares, or a 1.2% stake, in the pharmaceutical company, Bloomberg reported Tuesday.

The deal could raise around 2.7 billion Swiss francs ($3 billion), based on Tuesday's closing share price, according to the report.

Emasan is selling the stake through an accelerated placement with investors, the report said.

Novartis did not immediately reply to a request for comment from MT Newswires.

NVS shares were 0.8% higher in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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