With $8 billion burning a hole in its pocket after the sale of two big divisions, Novartis CEO Daniel Vasella says that the company may spend part of that money on new biotech acquisitions. In an interview with Finanz und Wirtschaft, Vasella was distinctly silent on rumors that the company was interested in acquiring MedImmune, which recently was put on the sales block. Vasella was more forthcoming about his interest in buyouts in biotechnology, vaccines and over-the-counter medicines. Novartis may also use part of its funds to initiate a stock buyback.
- read the AFX report on Novartis' plans
Novartis makes a $10B bet on generic drugs. Report
EMEA committee rejects Novartis' Zelnorm. Report
Novartis sells Gerber for $5.5B to Nestlé. Release