Novartis to Split Pharmaceuticals Division Into Two
May 17 2016 - 1:27PM
Dow Jones News
By Anne Steele
Swiss drug giant Novartis AG on Tuesday outlined changes to its
pharmaceuticals division, saying it would split the unit into two
businesses.
The first business, which will be called Novartis
Pharmaceuticals, will be led by Paul Hudson, current executive vice
president of North America. Meanwhile, Bruno Strigini, current head
of Novartis Oncology, will become CEO of the new Novartis Oncology
business.
David Epstein, current CEO of Novartis Pharmaceuticals, is
leaving the company for other opportunities.
Beginning July 1, Novartis would continue to have three
customer-facing divisions. One is Innovative Medicines--formerly
the Novartis Pharmaceuticals division, which will include the
Novartis Pharmaceuticals and Novartis Oncology business units.
Another is Sandoz, the generics and biosimilars division, while the
third is Alcon, the eye-care devices division.
Novartis shares, inactive at midday, have lost 23% of their
value over the past 12 months.
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
May 17, 2016 13:12 ET (17:12 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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