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Novartis splits drugs business into two, pharma chief to leave

Reuters - UK Focus

ZURICH, May 17 (Reuters) - Novartis (LSE: 0QLR.L - news) is splitting its pharmaceuticals division into two business units, one focused on cancer medicines and the second on other drugs, it said on Tuesday.

It (Other OTC: ITGL - news) also said David Epstein, division head and chief executive of Novartis Pharmaceuticals, will leave the company to "explore new challenges". He took over the pharmaceuticals division in 2010, the company said in a statement.

Epstein will be replaced by two people. Paul Hudson, currently AstraZeneca (NYSE: AZN - news) 's North America head, will run the pharmaceuticals business, and Bruno Strigini, head of Novartis Oncology, will lead the newly created oncology business unit.

"The new structure reflects the importance of oncology to Novartis following the successful integration of the oncology assets acquired from GlaxoSmithKline (Other OTC: GLAXF - news) ," Novartis said. (Reporting by John Miller, editing by Susan Thomas)