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Novartis president says all options open for Sandoz unit – report

FILE PHOTO: Logos of Swiss drugmaker Novartis and its divisions Sandoz and Alcon are seen at an office building in Rotkreuz
FILE PHOTO: The logo of Swiss drugmaker Novartis and its divisions Sandoz and Alcon is seen at an office building in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann/File Photo

November 30, 2021

ZURICH (Reuters) – Novartis is leaving all options open for the future of its generic drugs division Sandoz, its president said in an interview with Swiss TV channel TeleZüri to be broadcast on Tuesday.

When asked if Novartis could merge Sandoz with Israel’s Teva or America’s Viatris or divest, Joerg Reinhardt said: “All options are open to us.” He said listing Sandoz on the Swiss stock exchange, merging or keeping the business are all possible.

“We said we would look at that and make a decision within the next 12 months,” he said.

Novartis’s innovative pharmaceutical business and generics business have diverged over the years, so it makes sense to look at options now, Reinhardt said.

Last month, Novartis said it would likely divest Sandoz, as price pressure mounts in the unpatented drug sector.

When asked how Novartis could use the proceeds from the sale of Roche shares, Reinhardt said: “We would rather invest in our business than buy back shares. We will decide that within the next few months. “

Reinhardt doesn’t rule out an acquisition, saying it’s important to see if a viable target underpins Novartis’ core businesses of oncology, cardiology and immunology.

“We will check, review and decide,” he said.

(Reporting by Paul Arnold, by Silke Koltrowitz, edited by John Revill)

https://www.oann.com/novartis-chairman-says-all-options-open-for-sandoz-unit-report/?utm_source=rss&utm_medium=rss&utm_campaign=novartis-chairman-says-all-options-open-for-sandoz-unit-report Novartis president says all options open for Sandoz unit – report

Bobby Allyn

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