Novartis pharmaceuticals news
Novartis said its board and Daniel Vasella, who departed last week as chairman, agreed to forgo a non-compete agreement and all related compensation. Under the non-compete, Novartis would have paid Vasella up to CHF12 million ($13 million) annually for six years on the condition that Vasella "refrain from making his knowledge and know-how available to competitors." Vasella previously had said he planned to make the net amount - CHF72 million ($78 million) - available for philanthropic activities, but he said that shareholders and other stakeholders found the compensation to be "unreasonably high." Novartis said it continues to believe in the value of a non-compete, but a spokesperson declined to speculate on whether the parties will renegotiate a new agreement. The board did vote to elect Vasella as an honorary chairman. ...