Novartis to split Pharma business unit; names new CEOs
Swiss pharma giant Novartis (NOVN: VX) late yesterday announced major changes to focus its Pharmaceuticals Division by creating two business units reporting to the chief executive: Novartis Pharmaceuticals and Novartis Oncology.
The new structure reflects the importance of oncology to Novartis following the successful integration of the oncology assets acquired from GlaxoSmithKline. These business units will form the Innovative Medicines Division at Novartis, the company said.
Novartis expects this change to help drive our growth and innovation strategy, with an increased focus and improved execution for both the Novartis Oncology and Novartis Pharmaceuticals business units. The news had little impact on investors, with Novartis’ shares up just 1% at 74.10 Swiss francs in early trading.
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