Roche, a Swiss medical concern, agreed to acquire 33% of its own stake from Novartis, a Swiss multinational pharmaceutical company, for $20.7bn. "I am convinced that the envisaged transaction is in the best interest of Roche and the holders of Roche equity securities from a strategic and economic perspective. As a result, Roche will be even better positioned strategically in the future to provide life-saving medicines and diagnostics to people around the world,“ Christoph Franz, Roche Holding Chairman. On November 26, Roche shareholders voted overwhelmingly to approve the deal.