Global Briefing: Global Briefing: Dec. 23, 2002

UPDATE NOVARTIS' GROWTH POTION

Our July cover story in TIME Global Business profiled the highly competitive, Harley-riding CEO of Novartis, Daniel Vasella, and his plans for continued expansion of the Swiss pharmaceutical giant, despite the troubles facing the drug industry. Since then Vasella has led two big growth-enhancing initiatives. He and his scientists persuaded the U.S. Food and Drug Administration to reverse its previous rejection of Zelnorm, a potential blockbuster remedy for sufferers of irritable-bowel syndrome--a condition for which there are few other treatments. Vasella also paid $876 million to acquire Slovakian pharmaceutical company Lek, the maker of such generic drugs...

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