Novartis names CMO Narasimhan to replace CEO Jimenez
On Monday, Novartis AG (NYSE:NVS; SIX:NOVN) said CMO Vasant Narasimhan will replace CEO Joseph Jimenez, effective Feb. 1, 2018. Jimenez, who is retiring, led the pharma through multiple patent expirations, business integrations and reorganizations.
Jimenez joined Novartis in 2007 as head of the consumer health division, and also served as division head of Novartis Pharmaceuticals until being named to the CEO role in January 2010. During his tenure, Jimenez led the integration of ophthalmics company Alcon Inc. and steered the company through the patent expiration of two blockbuster therapies: hypertension drug Diovan valsartan in 2012 and cancer drug Gleevec imatinib in 2015. To address the Gleevec expiration, Jimenez oversaw Novartis’ 2014 asset swap in which the company shed its low-performing business in exchange for a trove of marketed cancer drugs from GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) (see BioCentury Extra, April 22, 2014)...