Novartis' Global Head of M&A leaving, bankers say
01 JUN 2017
Marvelle Sullivan Berchtold is leaving her post as Global Head of M&A at Novartis [VTX:NOVN], according to three sector bankers.
Berchtold will be leaving at the end of this month, the first and second bankers said.
She is said to be leaving to go to JPMorgan, according to the second sector banker.
The move might not herald any significant change in Novartis’s M&A strategy, the second banker suggested. Other bankers declined to speculate on whether the move is indicative of a change in M&A strategy at the Swiss pharmaceuticals firm.
Dealmakers often move in Novartis' large M&A team, so the departure should not impact its M&A strategy, a fourth banker said. There have been reports that the company is sitting on too much cash, he added.
As Novartis considers asset sales that could raise an estimated USD 50bn, some investors are reportedly worried any cash raised may give the Swiss drug maker firepower for another unsuccessful megadeal. The company’s 2011 takeover of US-based eye care giant Alcon for USD 52bn have weighed on profits, this news service previously reported.
Novartis is reviewing a separation for Alcon’s eyecare business, its stake in Roche [VTX:ROG], and a stake in its consumer healthcare joint venture with GlaxoSmithKline [LON:GSK].
Novartis and JPMorgan did not immediately respond to requests for comment.