ZURICH: Novartis's generics chief is quitting after the Swiss drugmaker sold parts of the business and initiated an 18-month revamp, fueling speculation about an eventual spin-off or sale.
Balestrieri, at Novartis for 25 years, assumes control over a division with nearly US$10 billion in annual sales. Narasimhan has been remaking Novartis by buying speciality treatments like nuclear medicine for cancer and gene therapy, while jettisoning an over-the-counter drugs business and eye surgery-and-contact lens division Alcon, due to be spun off as early as next month.The departure of Francis, a British citizen, does nothing to quiet conjecture about Sandoz's future within Novartis, analysts said.
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