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Pharma


NOVARTIS HIRES SEASONED WALL STREET ANALYST RONNY GAL AS NEW M&A CZAR

By Angus LiuApr 26, 2022 07:11am
NovartisRonny GalM&Amergers and acquisitions
Novartis has recruited longtime Bernstein analyst Ronny Gal, Ph.D., to the newly
created role of chief strategy and growth officer amid a major restructuring.
(novartis)

As part a major reorganization, Novartis CEO Vas Narasimhan created a new
position overseeing the company’s corporate strategy. Now, he has found that
leader in the form of a high-profile Wall Street analyst.



Longtime Sanford Bernstein analyst Ronny Gal, Ph.D., will join Novartis as chief
strategy and growth officer, effective no later than Aug. 1, Novartis said
Tuesday.

Gal brings more than 20 years of experience—including 17 years at Bernstein—in
the life sciences industry from the financial research side, having provided
some of the most insightful analyses of biopharma companies across a broad range
of topics. Through the new role, the savvy sell-side analyst is tasked with
leading Novartis’ corporate strategy, R&D portfolio optimization and business
development.



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LEARN MORE

“He is a thought-leader in the healthcare sector and is widely recognized for
his deep thematic research across therapeutic areas, technology platforms and
key industry topics such as the U.S. drug delivery system and efforts to reform
it,” Novartis said of Gal in a statement.

Narasimhan described Gal as “one of the most seasoned and experienced analysts”
of the biopharma sector. The Swiss pharma hopes Gal’s knowledge of therapeutic
areas, technology platforms, clinical development and U.S. market dynamics could
help the company shape its overall strategy, prioritize its internal pipeline
and drive external opportunities, the CEO said during a press call Tuesday.


RELATED

In major shake-up, Novartis combines pharma and oncology units, leaving 3 top
execs without jobs

Gal will report directly to Narasimhan, who created the chief strategy and
growth officer title amid a major organizational reshuffle unveiled earlier this
month. At that time, Narasimhan stressed the independence of the new role from
Novartis’ R&D and commercial teams, from which he carved out the functions.



“I think the company could benefit from having an independent view on whether
the assets we take forward either internally or externally [...] can really
generate that multibillion-dollar potential we’re looking for and have that
voice in the room so that we can then say ‘no’ to the projects that aren’t going
to make it and have the resources available to really invest in the ones that we
believe do,” Narasimhan said at the time.

Novartis recently landed $20.7 billion from selling its stake in Swiss rival
Roche. After that, Novartis laid out a plan to buy back up to $15 billion worth
of shares by the end of 2023. But that still leaves the company with additional
cash at its disposal.

Biotech valuations have recently come down, which could mean more M&A
opportunities, Narasimhan observed during the press call. But the science has to
support any transactions, the CEO said, noting many young biotechs went public
in recent years that “may not have been mature enough with their science.” Plus,
it could take some time before the biotech value adjustments reach a point that
justifies expectations, he added.

At this point, Novartis’ M&A focus remains on targets with a deal size below $2
billion, Narasimhan said.

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RELATED

Lower Libtayo's price before Chinese PD-1s do, says analyst in open letter to
Regeneron CEO

Gal is the latest example of the industry taking advantage of Wall Street
expertise, but most past cases have involved biotechs rather than a Big Pharma
company. Just a few days ago, former Cantor Fitzgerald analyst and biotech
research head Alethia Young became the chief financial officer at gene editing
company Graphite Bio.

Last year, oncology-focused Immuneering Corporation brought on Jefferies analyst
Biren Amin as its CFO. Back in 2018, longtime Cowen analyst Eric Schmidt took
over the CFO job at CAR-T startup Allogene Therapeutics. That same year, TCR2
Therapeutics named a new CFO in BMO Capital Markets analyst Ian Somaiya, who
hopped to Elucida Oncology as chief financial and business officer in November
2021.

ExecutivesPharmaSanford C BernsteinVas Narasimhanrestructuringanalystspharma
hiringChutes and LaddersWall Street



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REPORT


ASCO 2021 HIGHLIGHTS

The ASCO Annual Meeting gathers oncology professionals from around the world to
discuss the latest in cancer research and treatment. This year's event included
more than 2,500 abstract presentations - and while each study is valuable, we
want to share comments on a few topics of particular interest. Read more.

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MANAGING CLINICAL TRIAL COMPLEXITY

The three factors driving up average study duration, and how to
respond. Complexity isn't going anywhere, so instead of reducing these factors,
let's make better ways to manage them  Learn more.

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