Novartis Said to Be in Talks With Merck on $5 Bln Swap

Novartis AG is in talks with Merck & Co. to trade its animal-health and human vaccines businesses for the New Jersey drugmaker’s over-the-counter health-products unit, people familiar with the matter said.

The swap would fit strategies at both companies -- and within the industry -- to focus on core strengths and get rid of other business lines. The two drugmakers may each trade about $5 billion in assets to do so, said one of the people, who asked not to be named because the process is private.