Novartis AG (SWX:NOVN) is weighing sales of non-core assets as it seeks to raise money to invest in cutting-edge medicines, people familiar with the matter said. The Swiss pharmaceutical giant is in the early stages of considering options for its ophthalmology and respiratory units, the people said. Some private equity firms are already studying the businesses, according to the people.

The ophthalmology business alone could fetch about $5 billion, they said, asking not to be identified discussing confidential information.