“The party is over,” Artisan chief David Samra tells the news agency, urging Chairman Giovanni Caforio to act. He believes the board has failed with Novartis’ acquisition strategy and that the team working on the deals needs to be improved.
The criticism comes after a drug for muscle wasting, which Novartis acquired through its $12 billion acquisition of Avidity, failed in a late-stage clinical trial. The shares fell more than 10 percent and nearly $30 billion was wiped off the company’s market capitalization. The day before, the shares had fallen 3 percent following disappointment surrounding the heart drug pelacarsen.
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