A top investor in Novartis AG (NYSE:NVS) is reportedly urging a major board shake-up at the Swiss drugmaker to strengthen corporate governance after its stock suffered a record fall following back-to-back clinical trial failures.
Earlier in September, Novartis’ Phase 3 HARBOR study of del-desiran for myotonic dystrophy type 1 did not demonstrate statistically significant improvement versus placebo on the primary endpoint of video hand opening time, a novel measure of hand myotonia.
The company’s phase 3 Lp(a)HORIZON trial of pelacarsen also did not meet its primary endpoint of reducing the risk of cardiovascular events, a composite of cardiovascular death, non-fatal myocardial infarction, non-fatal stroke, and urgent coronary revascularization requiring hospitalization, compared to placebo.
David Samra, managing director at top-20 shareholder Artisan Partners and founding partner of International Value Group, told Reuters for enhanced board-level oversight of company acquisitions.
Pushing For Governance And Oversight Changes
