What Novartis could buy with its windfall

Novartis’s sale of its stake in Roche, announced today, means the group will soon have $20.7bn burning a hole in its pocket. And there could be more to come, if Novartis sells Sandoz – something that looks on the cards after it recently started a strategic review of the generic business.

There are reasons why Novartis might be looking to strike big. A string of smaller buyouts have disappointed, and its pipeline contains few inspiring projects. The company claims to be looking at bolt-ons but it would hardly advertise its desperation by spelling out its specific targets. So, what could Novartis buy with the cash?