Novartis’ new CEO Vasant Narasimhan has indicated that the company might spin off its struggling U.S. generic pill business—and that is what it is preparing to do, sources are telling Reuters.
The news service today reported that Novartis is doing the legwork to auction off that piece of the Sandoz business, which might bring $1.6 billion from a competitor or private investors, Reuters said.
Outgoing CEO Joseph Jimenez and Narasimhan told analysts late last year that the Swiss drugmaker was looking at its options for the business in the face of rapid price erosion for generic pills in the U.S. They said a spinoff was one idea.
Narasimhan, in his first earnings call last month, said the company was looking at how to optimize the business in the face of ”significant pricing declines” and a poor climate that was unlikely to change anytime soon.
Executives have said they will concentrate U.S. efforts in complex generics and biosimilars.
By Eric Palmer
Source: Fierce Pharma
The Food and Drug Administration’s top scientist Namandjé Bumpus will assume the role of principal deputy commissioner when longtime agency leader Janet Woodcock retires from that role in early 2024, according to an announcement Thursday.
US biopharma AbbVie has agreed to acquire ImmunoGen in a deal which values the company at about $10.1 billion and gives AbbVie access to flagship cancer therapy Elahere (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), as well as a pipeline of promising next-generation ADCs.
EUROAPI today announced the appointment of David Seignolle as Chief Operating Officer, succeeding Eric Berger, and Marion Santin as Chief Legal, Compliance, and IP Officer, both joining the company’s Executive Committee. In his new role, David Seignolle will lead the transformation of the Industrial Operations organization.