The Basel-headquartered giant has decided to spend a major chunk of its $20.7bn windfall from the sale of its stake in Roche on a stock repurchasing program up to the end of 2023, disappointing some observers who wanted to see big licensing deals or acquisitions.
Observers who were hoping to see Novartis AG splash some of its big pile of cash on M&A activity may have to wait a while after the drugs major launched a new share buyback worth up to $15bn.
The buyback, which should be executed by the end of 2023, will be funded through the proceeds from the recent sale of 53.3 million shares Novartis held in fellow Swiss giant Roche Holding AG for $20.7bn
Neurocrine, Madrigal and Vanda updated investors on new drug launches, while Cytokinetics talked to investors about an FDA extension for aficamten.
Vaccine and accelerated approvals are expected to face greater scrutiny under new CBER leader Vinay Prasad, but he has promised “no light switch change” to policy, giving some reassurance to companies whose share prices have been battered.
Workforce development will be essential to meeting president Trump’s goal to return biopharma manufacturing to the US.
