The investment vehicle of the Sandoz family will get 2.6 billion Swiss francs ($2.90 billion) from selling a chunk of Swiss pharma giant Novartis, the bookrunner on the deal said on Wednesday. Emasan AG sold 26.

Novartis AG’s Sandoz family sold a roughly 1.2% stake in the Swiss pharmaceutical group for 2.6 billion Swiss francs ($2.9 billion).

Emasan AG, an arm of the Sandoz Family Foundation, has launched a public offering of some 26.5 million shares in Swiss pharmaceutical firm Novartis to raise up to $3 billion in an accelerated bookbuilt offering,