Novartis on Tuesday confirmed that it is pushing through with the spin-off of its generics and biosimilars division Sandoz, pending the final approval of its shareholders.

The Swiss drugmaker is considering selling its ophthalmology and respiratory units, a Bloomberg report said on Wednesday, citing people familiar with the matter. The company is seeking to raise money from the possible sale of the assets to invest in cutting-edge medicines, the report said, adding that the ophthalmology unit could alone fetch about $5 billion.

Swiss pharma giant Novartis said it would make growth in the United States its top geographic priority, even after laws were passed to rein in drug prices in the world’s largest pharmaceutical market.

The transaction, valued at about $700 million, affirms Alcon’s commitment to the ophthalmic pharmaceutical space and is expected to add broader pharmaceutical R&D capabilities to Alcon’s existing commercial expertise, maximizing the value of its diversified portfolio.