Novartis Plumps For Share Buybacks Before Bolt-On M&A
$15bn Allocated For Scheme
The Basel-headquartered giant has decided to spend a major chunk of its $20.7bn windfall from the sale of its stake in Roche on a stock repurchasing program up to the end of 2023, disappointing some observers who wanted to see big licensing deals or acquisitions.
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Chief financial officer Harry Kirsch has told reporters that decent bolt-on acquisition opportunities are rare and in their absence, buybacks represent a sensible use of capital.
After a lengthy review, Novartis has confirmed Sandoz will be a publicly traded standalone company listed on the SIX Swiss Exchange, although CEO Vas Narasimhan says he will still consider bids for the division.
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