Biotech Values

[DewDiligence]

NVS owns 1/3 of Roche.

This is a common misconception that stems from Roche’s two-tier capital structure. NVS owns 1/3 of Roche’s voting shares; however, voting shares are only about 20% of Roche’s shares outstanding, so NVS’ equity stake in Roche is about 6%.