Novartis AG (NOVN), which is exploring options for its animal-health business, is considering exchanging the division for one of Merck (MRK:US) & Co.’s assets rather than selling it, people with knowledge of the matter said. Trading the business to Merck or another company is one of several options that Basel, Switzerland-based Novartis is weighing, said the people, who asked not to be identified because the process is private. Novartis has little use for additional cash and may choose to swap the veterinary unit for an asset that would bolster the company in an area in which it is already a leader, the people said.
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