Schaffert said: "Becoming CEO of Novartis Oncology is a great honour and I am humbled to be given the opportunity to lead one of the top-tier oncology businesses in the world.

The proposal that Caforio replace Reinhardt when he retires next year after the maximum 12-year term as chair led to some speculation that Novartis may be considering an M&A push. The ex-BMS CEO ...

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