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    Novartis generics boss quits amid conjecture over business's future

    Farhat NasimWritten by Farhat Nasim Published On 2019-03-17T09:20:58+05:30  |  Updated On 17 March 2019 9:20 AM IST
    Novartis generics boss quits amid conjecture over businesss future

    ZURICH: Novartis's generics chief is quitting after the Swiss drugmaker sold parts of the business and initiated an 18-month revamp, fueling speculation about an eventual spin-off or sale.


    2014, is stepping down, Novartis chief executive Vas Narasimhan said on Thursday, adding "Richard has decided that for personal reasons he cannot commit to stay with Sandoz until the transformation is completed".


    Read Also:
    Novartis faces shareholder criticism over drug prices at annual general meeting


    Francesco Balestrieri, head of Sandoz's Europe region, will become interim CEO to oversee what Narasimhan called "a multi-year transformation programme" in which Sandoz re-focuses on biosimilars -- copies of patent-expired biological drugs made by rivals -- and hard-to-make generics like insulin.

    Balestrieri, at Novartis for 25 years, assumes control over a division with nearly $10 billion in annual sales.

    Sandoz last year sold US pills and dermatology portfolio to India's Aurobindo and embarked on a "de-integration" of Francis's division from the rest of Novartis, a process Narasimhan said will stretch into 2020 and clear the way for talks about the business's future.

    Read Also: Novartis to pump up cardio business with Ionis deal worth Rs 15 crore

    Narasimhan has been remaking Novartis by buying speciality treatments like nuclear medicine for cancer and gene therapy while jettisoning an over-the-counter drugs business and eye surgery-and-contact lens division Alcon, due to be spun off as early as next month.

    The departure of Francis, a British citizen, does nothing to quiet conjecture about Sandoz's future within Novartis, analysts said.

    Read Also: Novartis gene therapy for SMA to be cost effective up to $900000: US group

    "We see our assumption confirmed that in the next 12 to 18 months a definitive decision may come about whether the generic unit will remain within Novartis," said Zuercher Kantonalbank analyst Michael Nawrath.

    "Even though the Novartis chairman said recently Sandoz isn't for sale, for now, a spin-off like they're doing with Alcon would align with the strategy of becoming a focused, pure-play drugmaker."

    BalestriericancerCEOFrancesco Balestrierigene therapyinsulinNovartisNovartis chief executiveNovartis genericsNovartis generics chief QuitsSandozSwiss drugmakertransformationVas NarasimhanZuercher KantonalbankZURICH
    Source : Reuters

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    Farhat Nasim
    Farhat Nasim

      Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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