Novartis AG (ADR) (NYSE:NVS) lost India
Northern, WI 01/04/2013 (tradewatchmedia) – It has been confirmed that the Novartis AG (ADR) (NYSE:NVS) had lost the Indian patent case. The supreme court of India rejected application for the cancer drug Glivec. This has led to the Ex-Novartis chief Daniel Vasella to get back to US, which is the home for some of the world’s largest pharmaceuticals companies. He on 23 January announced that he would better leave the Swiss group after the annual general meeting of the company in February and this following week he also unregistered with some local authorities in the Risch, the municipality in the Zug’s canton.
Now he is fully determined to switch his residence from there where he was living for just last 10 years to the US. Under some of the terms of an agreement which marked his exit who led the company for last 17 years would receive an amount of 76 million dollars if he did not work for any of the other rivals of the Novartis AG (ADR) (NYSE:NVS). However the news leaked off last month and due to this MrVasella has left the agreement which means that now he is no more under the term that he will not work with anybody else. He even completed an executive training course at the Harvard Business school and even joined the board of the American Novartis last year.
Even the GSK is gearing up so as to expand the sales of flu jabs in the US. It has also applied to the government so as to grant permission for a new manufacturing plant as also the approval for a type of a vaccine ingredient. The Us food and drug administration has also issued a so called complete response letter so as to grant the permission to the GSk for its request of the authorization. And the company is now very much thankful to the US government.