Sector News

Epstein leaves Novartis as pharmaceuticals splits in two

May 18, 2016
Life sciences

Novartis has announced plans to divide its pharmaceuticals division into two business units, in a restructure that also sees the departure of current division head and chief executive David Epstein.

Under the new structure, Novartis Pharmaceuticals and Novartis Oncology will form the Innovative Medicines Division at the Swiss drugmaker, joining the firm’s generics/biosimilars unit Sandoz and eye unit Alcon.

The move brings some key changes at the top: Epstein has decided to leave Novartis “and explore new challenges from the US”; Paul Hudson, currently executive vice president, North America, at AstraZeneca, will lead Novartis Pharmaceuticals; and Bruno Strigini, currently head of Novartis’ oncology segment, will also lead the Novartis Oncology business unit.

The firm said it expects that the changes, which ride on the back of the successful integration of the oncology assets from GlaxoSmithkline, will help drive its growth and innovation strategy, “with an increased focus and improved execution” for both business units.

Last year the group sold off its animal health division to Eli Lilly and vaccines unit to GSK, while bringing on board GSK’s oncology assets, under a drive to streamline focus and operations.

“A split makes sense because oncology now has critical mass, following the GSK deal, and oncology is in many ways becoming a differentiated business from the rest of pharmaceuticals,” said Mick Cooper, an analyst at equity research firm Trinity Delta, reports Reuters.

By Selina McKee

Source: Pharma Times

comments closed

Related News

January 22, 2023

Sun Pharma to buy Concert Pharmaceuticals for $576m

Life sciences

Sun Pharmaceutical Industries has signed a definitive agreement to buy all outstanding shares of Concert Pharmaceuticals in a deal valued at $576m. Under the deal, the company will buy all shares of Concert common stock through a tender offer for $8.00 per share in cash upfront payment.

January 22, 2023

Novo Nordisk diabetes pill wins FDA approval for first-line use

Life sciences

The Food and Drug Administration on Thursday approved Novo Nordisk’s diabetes pill Rybelsus as an initial treatment to lower blood sugar levels, a label expansion that will allow it to compete more directly with other oral drugs from Merck & Co. and Eli Lilly.

January 22, 2023

Bayer feeling more heat from activist investors, this time from Bluebell

Life sciences

Since making an ill-advised $63 billion buy of Monsanto in 2018, Bayer has faced heaps of pressure from investors that have called for the company to oust its leadership and to restructure. Now comes new pressure from a familiar source. Bluebell Capital Partners has bought an undisclosed stake in the company and is agitating for a breakup, sources told Reuters.

How can we help you?

We're easy to reach