The move is aimed at sharpening it focus on its prescription drugs business.
On Friday, Novartis disclosed its plans of divesting all of its assets from its Alcon eye care devices business as it sharpens its focus on prescription drugs.
The Basel, Switzerland-based multinational pharmaceutical company also shared it plan to launch a share buyback program of up to $5 billion.
Next Friday, Novartis is to hold a shareholder’s meeting wherein it aims to gain approval of its plan which has been scheduled for completion in the first half of 2019.
As for its shares buyback plan, it is scheduled to be completed by 2019.