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The companies have been studying the merits of a joint offer for the Sandoz business, which could be valued at around $25 billion, according to the report.
Other buyout firms are also considering bids, Bloomberg News said.
Last year, Novartis announced a strategic review of its generics unit, Sandoz, after years of revamping the business, as price pressures mount in the off-patent drug sector.
Carlyle and Novartis declined to comment, while Blackstone did not immediately respond to a Reuters request for comment.
