Novartis Chairman Joerg Reinhardt and CEO Joe Jimenez were once in competition for the chief executive post. Jimenez won out; Reinhardt left to run Bayer Healthcare. Now, Reinhardt's back--but rather than wrest power away from Jimenez, he plans to give Jimenez more.
Novartis CEO Joe Jimenez says the pharma giant easily has enough cash on hand to keep the dividends flowing to investors while reserving up to $6 billion for new bolt-on buyouts. In an interview with the Swiss newspaper Schweiz am Sonntag, which was picked up by Reuters, Jimenez says that the sweet spot for deals lies in the $2 billion to $4 billion arena--modest for a company of that size.
After Novartis's investor day, the spotlight quickly moved to the company's $5 billion buyback plan. CEO Joe Jimenez and his team also unveiled some details--a few, at least--about the company's strategic review.
News flash from Basel: Yes, Novartis really is considering selling off a few of its units, in deals that could be worth $15 billion to $20 billion. And no, Roche and Novartis aren't likely to embark on any big joint projects, much less consider a merger.
Novartis CEO Joe Jimenez wrote to Indian Commerce and Industry Minister Anand Sharma, accusing the government of favoring domestic companies over multinationals in its patent regime. Now, Indian Commerce Secretary S.R. Rao has fired back.
At a total of 5 million francs, Daniel Vasella's new exit package is a small fraction of the 72 million originally approved by the Novartis board. But at a time when executive pay is under the microscope in Switzerland, some watchdogs are still unhappy.
Novartis has received another letter from the FDA regarding its Sandoz generic drugs unit. This time, it is for a plant in Austria that Novartis picked up in its $1.3 billion buyout of Ebewe Pharma, a specialist in generic cancer drugs.
Three continents, three drugmakers, three lenses for viewing pharma's future. Which gives the clearest glimpse of Pharma Next? You decide.
For many pharma companies like, say, Eli Lilly, the focus in R&D has been taking the big bats and swinging for the proverbial fences, looking for breakthrough drugs that can instantly command billions in annual revenue. That strategy has been on display for Alzheimer's as well as heart drugs, where Lilly has been pursuing questionable scientific strategies in search of the golden blockbuster ticket.
Welcome to this week's roundup of hirings and firings throughout the industry. Please send the good word (or the bad) from your shop to Alison Bryant (email | Twitter) and we will feature it...