STAT+: Pharmalittle: We’re reading about a Novartis investor seeking a shake-up, a Gilead setback, and more
A major Novartis shareholder has called for a shake-up of the drugmaker's board after its shares suffered a record fall following trial setbacks
A prominent Novartis investor, David Samra, is pushing for a change in the drugmaker's board of directors, citing poor corporate governance following recent setbacks. Novartis shares plummeted to a record low after two trial failures, according to Reuters. Samra, managing director at Artisan Partners and founding partner of International Value Group, asserts that previous chairmen have failed to address acquisition issues, calling for a shift in how Novartis handles deals.
The company recently disclosed that a drug obtained through its $12 billion purchase of Avidity failed in a late-stage study, and the heart medication pelacarsen underperformed investor expectations. Meanwhile, the U.S. Centers for Medicare and Medicaid Services Administrator, Mehmet Oz, revealed that the Trump administration is pursuing additional drug pricing agreements with pharmaceutical firms.
Over two dozen voluntary deals have already been announced, wherein companies agree to lower prices for public programs and price new drugs similarly to those in other developed countries, in return for tariff relief.
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