Novartis Raises Outlook, Announces Endocyte Acquisition
18 Outubro 2018 - 2:58AM
Dow Jones News
By Donato Paolo Mancini
Novartis AG (NOVN.EB) raised its outlook on Thursday, and
announced it would acquire radiopharmaceuticals company Endocyte
Inc. (ECYT) in a deal that values it at $2.1 billion, Novartis's
latest effort to transform into a focused-medicines company.
Third-quarter net group sales at the Swiss pharmaceuticals
heavyweight grew to $12.78 billion from $12.41 billion in the
previous year. Sales in the innovative medicines division grew by
9% at constant currencies.
Novartis raised its outlook for the remainder of the year,
saying it expects a net sales growth in the mid-single digit. It
previously expected group net sales to grow at a low to mid-single
digit rate.
Under new Chief Executive Vasant Narasimhan, who took the helm
earlier this year, Novartis has been aggressively pursuing a
strategy to pivot to a focused-medicines company, announcing plans
to shed the Alcon eye-care unit, selling parts of its generics
business and announcing layoffs. The deal with Endocyte would give
it an advantage in the prostate cancer field, Novartis said, an
area with significant unmet medical need.
Novartis also said radiopharmaceuticals are expected to be a key
growth driver for its business.
Write to Donato Paolo Mancini at
donatopaolo.mancini@dowjones.com; @donatopmancini
(END) Dow Jones Newswires
October 18, 2018 01:43 ET (05:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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