LONDON, May 18 (APM) - Novartis has announced plans to split its pharmaceuticals business, leading to the departure of its head David Epstein.
The Swiss pharma company said in a late Tuesday statement that it will create a separate Novartis Oncology unit that will function alongside the Novartis Pharmaceuticals unit under the newly formed company's Innovation Medicines Division.
The changes, which take place from July 1, 2016, come just over a year after Novartis acquired the oncology business of GlaxoSmithKline for $16 billion as part of a multi-deal transaction (APMMA 41671).
The company's current oncology portfolio includes blockbuster products such as Gleevec/Glivec (imatinib), which made $4.7 billion in 2015; Afinitor/Votubia (everolimus), which made $1.6 billion; and Tasigna (nilotinib), which also made $1.6 billion. Pipeline cancer drugs include midostaurin for leukaemia.
Following the restructure, division head of the former Novartis Pharmaceutical business Epstein has decided to leave the company to pursue "new challenges in the U.S.", said Novartis.
Joe Jimenez, chief executive of Novartis, said: "We would like to thank David for his substantial contribution to the development and growth of Novartis and its people over many years. He built our leading oncology business and over the last six years has steered our pharmaceuticals division through a period of excellence in innovation, execution and improved financial results."
Taking over as head of the new Novartis Pharmaceuticals unit is Paul Hudson, currently executive vice president, North America at rival pharma group AstraZeneca. He has previously served as the leader of AZN's Japanese business.
In his new role he will lead Novartis' efforts in neuroscience, ophthalmology, immunology and dermatology, respiratory, cardio-metabolic and established medicines.
Bruno Strigini, currently head of the company's oncology operations, will lead the new Novartis Oncology business unit. He joined Novartis in 2014 from Merck & Co.
Both Strigini and Hudson will be based at Novartis' global headquarters in Basel, Switzerland.
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