Novartis to Split Drug Division
May 17 2016 - 2:10PM
Dow Jones News
Swiss drug giant Novartis AG on Tuesday outlined changes to its
pharmaceuticals division, saying it would split the unit into two
businesses, one of which will be focused on cancer drugs.
The company also said David Epstein, current chief executive of
Novartis Pharmaceuticals, is leaving the company for other
opportunities.
One of the drug businesses will be called Novartis
Pharmaceuticals and led by Paul Hudson, current executive vice
president of North America. The cancer business will be Novartis
Oncology and led by Bruno Strigini, current head of Novartis
Oncology.
Beginning July 1, Novartis will 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, which have lost 23% of their value over the
past 12 months, slid 9 cents to $75.54 in afternoon trading in New
York.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 17, 2016 13:55 ET (17:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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