The Phase III STAND trial found no significant therapeutic benefit to Novartis’ Adakveo, pushing the European Commission to revoke its conditional authorization of the SCD treatment.
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For Novartis CEO Vas Narasimhan, who previously led a push to slash jobs and to focus on fewer therapeutic areas and geographic markets, the spin-off means greater reliance on innovation at the core business.
Acquisition of the anti-inflammation eye drop Xiidra will mark the first big deal by CEO Brent Saunders since he returned to the company in March. The agreement also includes potential milestone payments of up to $750 million to Novartis.
Chinook has a leading compound designed to treat IgA Nephropathy, or IgAN, a rare disease that can lead to kidney failure in young adults which has attracted a range of developers and is already the target of drug candidate developed by Novartis.
The company intends to carve out Sandoz in the second half of this year to sharpen its focus on its patented prescription medicine business.
The American Society of Clinical Oncology 2023 annual meeting kicked off Friday in Chicago, and BioSpace’s Greg Slabodkin spoke with leading biopharma analysts about the most-anticipated ASCO abstracts.
Novartis’ breast cancer drug Kisqali cut the risk of recurrence by a little more than 25% in a pivotal trial on women diagnosed at an early stage, positioning the Swiss drugmaker to win new patients and challenging strong rival Eli Lilly.
The recommendation follows a review by EMA’s human medicines committee (CHMP) that concluded the benefits of the drug did not outweigh risks, according to the regulator.
“The Sandoz Board of Directors will start preparatory work from June onwards and will be effective following the planned spin-off of Sandoz in the second half of 2023, subject to Novartis Board of Directors and shareholder approval,” Novartis announced.
The companies said in first-quarter earnings calls that they want to restructure R&D, cut costs and shift away from high-risk drug development to focus areas.
