The generic drug business has faced some struggles of recent amid that decline Swiss pharmaceutical company Novartis AG (NVS - Get Report) is reportedly gearing up to launch a sale process for its U.S. generic pill business.
The unit could attract as much as $1.6 billion, according to Reuters, which reported on Friday, Feb. 16, that the sale process will kick off in the next few weeks and that other pharmaceutical companies or private equity firms could be interested in buying the business.
The unit had $200 million in Ebitda a source told Reuters, though like its peers, it has experienced pricing pressures amid competition.
"There are significant pricing declines. At least in the medium term, we don't see a shift to that situation, and so we're assessing how best to optimize that given that dynamic," Novartis Chief Executive Vasant Narasimhan told investors and analysts during the company's fourth-quarter earnings call, according to Reuters.