Novartis (NVS) shareholder Artisan Partners called for changes to the Swiss drugmaker's board following two consecutive drug trial setbacks that sent shares tumbling, Reuters reported Thursday, citing an interview with Artisan managing director David Samra.
Novartis needs stronger oversight of acquisitions, citing the $12 billion Avidity deal and the 2024 MorphoSys acquisition, which was later written down, Samra told Reuters
Samra questioned the board's acquisition oversight, while Novartis reaffirmed its unchanged guidance and focus on disciplined capital allocation and shareholder returns, Reuters added.
Novartis shares were up 1.7% in premarket activity.
Novartis did not immediately respond to MT Newswires' request for comment.
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