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Investing.com -- A major shareholder in Novartis has demanded changes to the Swiss drugmaker's board to improve corporate governance following a sharp decline in shares this week after two consecutive trial setbacks.
David Samra, managing director at Artisan Partners and founding partner of International Value Group, told Reuters Thursday that multiple past chairmen had failed Novartis on acquisitions and that the company needs to reform its deal oversight process.
"The party is over," Samra said, urging Novartis Chairman Giovanni Caforio to take action. Asset manager Artisan ranks among Novartis' 20 largest shareholders.
"I think he needs to make changes at the board level. One of them should be on improving the team that's doing these deals because clearly they have been uninspiring at best," Samra said.