Novartis AG, Europe’s second-biggest drugmaker by sales, said it’s looking for acquisitions that cost between $2 billion and $5 billion to bolster its position in areas including cancer and the development of copycat medicines.
“If there were pipeline assets that were late-stage in either oncology or pharma, those would really be the bull’s eye,” Chief Executive Officer Joe Jimenez said in a phone interview Tuesday after the company reported a decline in third-quarter profit excluding some items. Assets that could strengthen its generics business are another target, he said. The company’s products include treatments for heart disease and skin conditions.
