Editing Novartis (section)

====2011–present====
In 2011, Novartis acquired the medical laboratory diagnostics company Genoptix to "serve as a strong foundation for our (Novartis') individualized treatment programs".<ref>{{Cite news |last=Maclucas |first=Neil |date=2011-01-24 |title=Novartis to Buy Genoptix for $470 Million |work=The Wall Street Journal |department=Health |url=https://online.wsj.com/news/articles/SB10001424052748703555804576101840588962926 |url-status=live |url-access=subscription |archive-url=https://web.archive.org/web/20140110013007/http://online.wsj.com/news/articles/SB10001424052748703555804576101840588962926 |archive-date=2014-01-10}}</ref>

In 2012, the Company cut approximately 2,000 positions in the United States, primarily in sales, in response to anticipated revenue downturns from the [[hypertension]] drug [[Diovan]], which was losing patent protection, and the realization that the anticipated successor to Diovan, [[Rasilez]], was failing in clinical trials.<ref name="APjp2012">{{Citation |title=Novartis to cut almost 2,000 US jobs this year |date=13 January 2012 |url=http://www.thejakartapost.com/news/2012/01/13/novartis-cut-almost-2000-us-jobs-year.html |work=[[The Jakarta Post]] |df=dmy |archive-url=https://web.archive.org/web/20130525125459/http://www.thejakartapost.com/news/2012/01/13/novartis-cut-almost-2000-us-jobs-year.html |at=jakartapost.com |access-date=2012-01-15 |archive-date=25 May 2013 |agency=Associated Press |url-status=dead}}</ref> The 2012 personnel reductions follow ~2000 cut positions in Switzerland and the United States in 2011, ~1400 cut positions in the United States in 2010, and a reduction of "thousands" and several site closures in previous years.<ref>{{Citation |last=Reid |first=Katie |title=Novartis cuts 2,000 U.S. jobs after drug setback |date=13 January 2012 |url=https://www.reuters.com/article/us-novartis-idUSTRE80C0EB20120113 |df=dmy |editor-last=Hans-Juergen Peters and Mike Nesbit |archive-url=https://web.archive.org/web/20140110063025/https://www.reuters.com/article/2012/01/13/us-novartis-idUSTRE80C0EB20120113 |at=reuters.com |publisher=Reuters |access-date=2012-01-15 |archive-date=10 January 2014 |url-status=live}}</ref> Also in 2012, Novartis became the biggest manufacturer of generic skin care medicine, after agreeing to buy [[Fougera Pharmaceuticals]] for $1.525&nbsp;billion in cash.<ref>{{Cite news |last=De la Merced |first=Michael J. |date=2 May 2012 |title=Novartis to Buy Fougera Pharmaceuticals for $1.5 Billion |work=The New York Times |department=DealB%k |url=https://dealbook.nytimes.com/2012/05/02/novartis-to-buy-fougera-pharmaceuticals-for-1-5-billion/ |url-access=limited |access-date=25 Jan 2020 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805180307/https://dealbook.nytimes.com/2012/05/02/novartis-to-buy-fougera-pharmaceuticals-for-1-5-billion/ |url-status=live }}</ref>

In 2013, [[Novartis v. Union of India & Others|the Indian Supreme Court issued a decision]] rejecting Novartis' patent application in India on the final form of [[Gleevec]], Novartis's cancer drug; the case caused great controversy.<ref name="NYTimesIndiaDecision">{{Cite news |last1=Harris |first1=Gardiner |last2=Thomas |first2=Katie |date=2013-04-01 |title=Top Court in India Rejects Novartis Drug Patent |work=The New York Times |url=https://www.nytimes.com/2013/04/02/business/global/top-court-in-india-rejects-novartis-drug-patent.html?hp |url-access=registration |access-date=2013-04-01 |archive-date=30 May 2020 |archive-url=https://web.archive.org/web/20200530130724/https://www.nytimes.com/2013/04/02/business/global/top-court-in-india-rejects-novartis-drug-patent.html?hp |url-status=live }}</ref> In 2013, Novartis was sued again by the US government, this time for allegedly bribing doctors for a decade so that their patients are steered towards the company's drugs.<ref>{{Cite news |title=US sues Novartis again, says it bribed doctors for patents |work=Indian Express |agency=Associated Press |url=http://www.indianexpress.com/news/us-sues-novartis-again-says-it-bribed-doctors-for-patents/1108452/ |url-status=live |access-date=2013-04-29 |archive-url=https://web.archive.org/web/20130601025459/http://www.indianexpress.com/news/us-sues-novartis-again-says-it-bribed-doctors-for-patents/1108452 |archive-date=2013-06-01 }} Note: Link provides access to first of two pages; [http://archive.indianexpress.com/news/us-sues-novartis-again-says-it-bribed-doctors-for-patents/1108452/2 second page is here] {{Webarchive|url=https://web.archive.org/web/20200423223256/http://archive.indianexpress.com/news/us-sues-novartis-again-says-it-bribed-doctors-for-patents/1108452/2 |date=23 April 2020 }}.</ref>

In January 2014, Novartis announced plans to cut 500 jobs from its pharmaceuticals division.<ref>{{Cite web |last=Staton |first=Tracy |date=2014-01-21 |title=Novartis to cut 500 Swiss pharma jobs, then staff up in OTC, generics |url=http://www.fiercepharma.com/story/novartis-cut-500-swiss-pharma-jobs-then-staff-otc-generics/2014-01-21 |url-status=live |archive-url=https://web.archive.org/web/20140326211920/http://www.fiercepharma.com/story/novartis-cut-500-swiss-pharma-jobs-then-staff-otc-generics/2014-01-21 |archive-date=2014-03-26 |access-date=2014-02-19 |website=FiercePharma |publisher=Questex}}</ref> In February 2014, Novartis announced that it acquired CoStim Pharmaceuticals.<ref>{{Cite news |last=Johnson |first=Michael |date=18 January 2014 |title=Novartis acquires CoStim Pharmaceuticals |work=Drug Store News |publisher=Lebhar-Friedman |url=http://www.drugstorenews.com/article/novartis-acquires-costim-pharmaceuticals |url-status=dead |access-date=2014-02-19 |archive-url=https://web.archive.org/web/20140225004657/http://www.drugstorenews.com/article/novartis-acquires-costim-pharmaceuticals |archive-date=2014-02-25}}</ref>

In May 2014, Novartis purchased the rights to market [[Ophthotech]]'s [[Fovista]] (an anti-[[PDGF]] [[aptamer]], also being investigated for use in combination with anti-[[VEGF]] treatments) outside the U.S. for up to $1&nbsp;billion.<ref name=":0">{{Cite news |date=15 June 2014 |title=Novartis Buys Ex-U.S. Rights to Ophthotech's Fovista for Up to $1B |volume=34 |page=8 |work=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |issue=12 |department=News {{!}} Industry Watch |type=Paper |url=https://www.genengnews.com/news/novartis-buys-ex-u-s-rights-to-ophthotechs-fovista-for-up-to-1b/ |access-date=25 Jan 2020 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805081544/https://www.genengnews.com/news/novartis-buys-ex-u-s-rights-to-ophthotechs-fovista-for-up-to-1b/ |url-status=live }}</ref> Novartis acquired exclusive rights to market the eye drug outside of the states while retaining U.S. marketing rights. The company agreed to pay Ophthotech $200&nbsp;million upfront, and $130&nbsp;million in milestone payments relating to Phase III trials.<ref name=":0" /> Ophthotech is also eligible to receive up to $300&nbsp;million dependent upon future marketing approval milestones outside of America and up to $400&nbsp;million relating to sales milestones.<ref name=":0" /> In September 2014, Ophthotech received its first $50&nbsp;million phase III trial milestone payment from Novartis.<ref name="genengnews2">{{Cite news |date=8 September 2014 |title=Ophthotech Pockets $50M Milestone from Novartis for AMD Treatment |work=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |department=GEN News Highlights |url=http://www.genengnews.com/gen-news-highlights/ophthotech-pockets-50m-milestone-from-novartis-for-amd-treatment/81250318/ |access-date=2014-09-14 |archive-date=11 May 2018 |archive-url=https://web.archive.org/web/20180511013214/https://www.genengnews.com/gen-news-highlights/ophthotech-pockets-50m-milestone-from-novartis-for-amd-treatment/81250318/ |url-status=live }}</ref> In April 2014, Novartis announced that it would acquire [[GlaxoSmithKline]]'s cancer drug business for $16&nbsp;billion as well as selling its vaccines business to GlaxoSmithKline for $7.1&nbsp;billion.<ref>{{Cite web |last=BBC |date=2014-04-22 |title=Novartis and GSK exchange assets |url=https://www.bbc.co.uk/news/business-27107416 |url-status=live |archive-url=https://web.archive.org/web/20140429100114/http://www.bbc.co.uk/news/business-27107416 |archive-date=2014-04-29 |access-date=2014-04-22 |publisher=BBC}}</ref> In August 2014 ''Genetic Engineering & Biotechnology News'' reported that Novartis had acquired a 15 percent stake in [[Gamida Cell]] for $35&nbsp;million, with the option to purchase the whole company for approximately $165&nbsp;million.<ref name="genengnews3">{{Cite web |date=19 August 2014 |title=Novartis Takes Stake in Gamida with Option to Fully Buy |url=http://www.genengnews.com/gen-news-highlights/novartis-takes-stake-in-gamida-with-option-to-fully-buy/81250250/ |access-date=25 Jan 2020 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-date=11 May 2018 |archive-url=https://web.archive.org/web/20180511013357/https://www.genengnews.com/gen-news-highlights/novartis-takes-stake-in-gamida-with-option-to-fully-buy/81250250/ |url-status=live }}</ref> In October 2014, Novartis announced its intention to sell its influenza vaccine business (inclusive of its development pipeline), subject to regulatory approval, to [[CSL Limited|CSL]] for $275&nbsp;million.<ref>{{Cite web |date=27 October 2014 |title=Novartis Selling Flu Vaccine Business to CSL for $275M |url=http://www.genengnews.com/gen-news-highlights/novartis-selling-flu-vaccine-business-to-csl-for-275m/81250520/ |access-date=25 Jan 2020 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-date=3 September 2018 |archive-url=https://web.archive.org/web/20180903045653/https://www.genengnews.com/gen-news-highlights/novartis-selling-flu-vaccine-business-to-csl-for-275m/81250520/ |url-status=live }}</ref>

In March 2015, the company announced [[BioPharma]] had completed its acquisition of two Phase III cancer-drug candidates; the [[MEK inhibitor]] [[binimetinib]] (MEK 162) and the [[BRAF inhibitor]] [[encorafenib]] (LGX818), for $85&nbsp;million.<ref>{{Cite web |date=2 March 2015 |title=Array BioPharma Completes Deal with Novartis for 2 Cancer Compounds |url=http://www.genengnews.com/gen-news-highlights/array-biopharma-gains-85m-from-novartis-in-deal-for-cancer-compounds/81250984/ |access-date=25 Jan 2020 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-date=2 July 2017 |archive-url=https://web.archive.org/web/20170702064723/http://www.genengnews.com/gen-news-highlights/array-biopharma-gains-85m-from-novartis-in-deal-for-cancer-compounds/81250984 |url-status=live }}</ref> In addition, the company sold its [[RNAi]] portfolio to [[Arrowhead Research]] for $10&nbsp;million and $25&nbsp;million in stock.<ref>{{Cite journal |date=5 March 2015 |title=Novartis Sells RNAi R&D Portfolio to Arrowhead in $35M Agreement |url=http://www.genengnews.com/gen-news-highlights/novartis-sells-rnai-r-d-portfolio-to-arrowhead-in-35m-agreement/81251001/ |url-status=dead |department=GEN News Highlights |journal=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-url=https://web.archive.org/web/20150409133757/https://www.genengnews.com/gen-news-highlights/novartis-sells-rnai-r-d-portfolio-to-arrowhead-in-35m-agreement/81251001/ |archive-date=9 April 2015 |access-date=8 June 2016}} ''Note: appears on page 10 of 1 April 2015 print issue.''</ref> In June, the company announced it would acquire Spinifex Pharmaceuticals for more than $200&nbsp;million.<ref>{{Cite web |date=29 June 2015 |title=Novartis Acquires Spinifex for $200M+ |url=http://www.genengnews.com/gen-news-highlights/novartis-acquires-spinifex-for-200m/81251445/ |access-date=25 Jan 2020 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304054223/http://www.genengnews.com/gen-news-highlights/novartis-acquires-spinifex-for-200m/81251445/ |url-status=live }}</ref> In August, the company acquired the remaining rights to the [[CD20]] monoclonal antibody [[Ofatumumab]] from GlaxoSmithKline for up to $1&nbsp;billion.<ref>{{Cite web |last=Helfand |first=Cindy |date=21 August 2015 |title=Novartis shells out up to $1B to test GSK's Arzerra in MS |url=http://www.fiercepharma.com/story/novartis-shells-out-1b-test-gsks-arzerra-ms/2015-08-21 |access-date=25 Jan 2020 |website=FiercePharma |publisher=Questex |archive-date=4 April 2016 |archive-url=https://web.archive.org/web/20160404222422/http://www.fiercepharma.com/story/novartis-shells-out-1b-test-gsks-arzerra-ms/2015-08-21 |url-status=live }}</ref><ref>{{Cite web |date=21 August 2015 |title=Novartis Acquires All Remaining Rights to GSK's Ofatumumab |url=http://www.genengnews.com/gen-news-highlights/novartis-acquires-all-remaining-rights-to-gsk-s-ofatumumab/81251649/ |url-status=dead |archive-url=https://web.archive.org/web/20150823195648/https://www.genengnews.com/gen-news-highlights/novartis-acquires-all-remaining-rights-to-gsk-s-ofatumumab/81251649/ |archive-date=23 August 2015 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert}}</ref> In October the company acquired [[Admune Therapeutics]] for an undisclosed sum, as well as licensing [[PBF-509]], an [[adenosine]] [[A2A receptor]] antagonist which is in Phase I clinical trials for non-small cell lung cancer, from [[Palobiofarma]].<ref>{{Cite web |date=21 October 2015 |title=Novartis Buys Admune; Licenses Palobiofarma, XOMA Compounds |url=http://www.genengnews.com/gen-news-highlights/novartis-buys-admune-licenses-palobiofarma-xoma-compounds/81251882/ |access-date=25 Jan 2020 |website=Genetic Engineering & Biotechnology News |publisher=Mary Ann Liebert |archive-date=17 August 2017 |archive-url=https://web.archive.org/web/20170817175656/http://www.genengnews.com/gen-news-highlights/novartis-buys-admune-licenses-palobiofarma-xoma-compounds/81251882 |url-status=live }}</ref>

In November 2016, the company announced it would acquire [[Selexys Pharmaceuticals]] for $665&nbsp;million.<ref>{{Cite web |date=21 November 2016 |title=Novartis Acquires Selexys Pharmaceuticals - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN |url=http://www.genengnews.com/gen-news-highlights/novartis-acquires-selexys-pharmaceuticals/81253455 |access-date=21 November 2016 |archive-date=30 October 2018 |archive-url=https://web.archive.org/web/20181030090528/https://www.genengnews.com/gen-news-highlights/novartis-acquires-selexys-pharmaceuticals/81253455 |url-status=live }}</ref> In December, the company acquired [[Encore Vision]], gaining the company's principle compound, EV06, is a first-in-class topical therapy for [[presbyopia]].<ref>{{Cite web |date=20 December 2016 |title=Novartis Buys Encore Vision for Presbyopia Therapy Eyedrops - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN |url=http://www.genengnews.com/gen-news-highlights/novartis-buys-encore-vision-for-presbyopia-therapy-eyedrops/81253589 |access-date=21 December 2016 |archive-date=21 December 2016 |archive-url=https://web.archive.org/web/20161221162554/http://www.genengnews.com/gen-news-highlights/novartis-buys-encore-vision-for-presbyopia-therapy-eyedrops/81253589 |url-status=live }}</ref> In December Novartis acquired Ziarco Group Limited, bolstering its presence in eczema treatments.<ref>{{Cite web |last=Terry |first=Mark |date=19 December 2016 |title=Novartis AG Snaps Up Mid-Stage Eczema Rival |url=https://www.biospace.com/article/novartis-ag-snaps-up-mid-stage-eczema-rival-/ |website=BioSpace |access-date=29 October 2018 |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806004628/https://www.biospace.com/article/novartis-ag-snaps-up-mid-stage-eczema-rival-/ |url-status=live }}</ref>

In late October 2017, ''[[Reuters]]'' announced that Novartis would acquire [[Advanced Accelerator Applications]] for $3.9&nbsp;billion, paying $41 per ordinary share and $82 per American depositary share representing a 47 percent premium.<ref>{{Cite news |author=John Miller |date=3 November 2017 |title=Novartis to buy French cancer specialist AAA for $3.9 billion |work=Reuters |url=https://www.reuters.com/article/us-novartis-advanced-accelerator/novartis-to-buy-french-cancer-specialist-aaa-for-3-9-billion-idUSKBN1CZ0HC/ |access-date=17 December 2023}}</ref>

In March 2018, GlaxoSmithKline announced that it has reached an agreement with Novartis to acquire Novartis' 36.5 percent stake in their Consumer Healthcare Joint Venture for $13&nbsp;billion (£9.2&nbsp;billion).<ref>{{Cite web |date=27 March 2018 |title=GSK reaches agreement with Novartis to acquire full ownership of Consumer Healthcare Business {{!}} GSK |url=https://www.gsk.com/en-gb/media/press-releases/gsk-reaches-agreement-with-novartis-to-acquire-full-ownership-of-consumer-healthcare-business/ |website=www.gsk.com |access-date=27 March 2018 |archive-date=27 November 2020 |archive-url=https://web.archive.org/web/20201127035152/https://www.gsk.com/en-gb/media/press-releases/gsk-reaches-agreement-with-novartis-to-acquire-full-ownership-of-consumer-healthcare-business/ |url-status=live }}</ref><ref name=":1">{{Cite news |date=2018-03-27 |title=GSK buys out Novartis in $13 billion consumer healthcare shake-up |work=Reuters |url=https://uk.reuters.com/article/uk-novartis-gsk-idUKKBN1H30FM |access-date=9 January 2019 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805204401/https://uk.reuters.com/article/uk-novartis-gsk-idUKKBN1H30FM |url-status=dead }}</ref> In April of the same year, the business utilised some of the proceeds from the aforementioned GlaxoSmithKline deal to acquire [[Avexis]] for $218 per share or $8.7&nbsp;billion in total, gaining the lead compound [[AVXS-101]] used to treat [[spinal muscular atrophy]].<ref>{{Cite news |date=2018-04-09 |title=Novartis bets big on gene therapy with $8.7 billion AveXis deal |work=Reuters |url=https://uk.reuters.com/article/uk-novartis-avexis-idUKKBN1HG0FP |access-date=9 January 2019 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805202937/https://uk.reuters.com/article/uk-novartis-avexis-idUKKBN1HG0FP |url-status=dead }}</ref> In August 2018, Novartis signed a deal with Laekna-a Shanghai-based pharmaceutical company for its two clinical-stage cancer drugs.<ref>{{Cite web |title=Novartis licenses out unwanted GlaxoSmithKline cancer drugs to Chinese biotech {{!}} FierceBiotech |url=https://www.fiercebiotech.com/biotech/novartis-licenses-out-unwanted-gsk-cancer-meds-to-chinese-biotech |access-date=2018-08-03 |website=www.fiercebiotech.com |date=August 2018 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805145648/https://www.fiercebiotech.com/biotech/novartis-licenses-out-unwanted-gsk-cancer-meds-to-chinese-biotech |url-status=live }}</ref> Novartis gave Laekna the exclusive international rights for the drugs that are oral pan-Akt [[kinase inhibitor]]s namely; afuresertib (ASB138) and uprosertib (UPB795).<ref>{{Cite news |title=China's Laekna Inks Two-Drug Deal with Novartis {{!}} BioSpace |work=BioSpace |url=https://www.biospace.com/article/china-s-laekna-inks-two-drug-deal-with-novartis/ |access-date=2018-08-03 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805174528/https://www.biospace.com/article/china-s-laekna-inks-two-drug-deal-with-novartis/ |url-status=live }}</ref> In mid-October, the company announced it would acquire [[Endocyte]] Inc for $2.1&nbsp;billion ($24 per share) merging it with a newly created subsidiary.<ref>{{Cite news |date=2018-10-18 |title=Novartis to buy cancer drugmaker Endocyte for $2.1 billion in cash |work=Reuters |url=https://uk.reuters.com/article/us-endocyte-m-a-novartis-idUKKCN1MS0JZ |access-date=9 January 2019 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805233223/https://uk.reuters.com/article/us-endocyte-m-a-novartis-idUKKCN1MS0JZ |url-status=dead }}</ref><ref>{{Cite news |date=2018-10-18 |title=Novartis pushes deeper into nuclear medicine with $2.1 billion deal |work=Reuters |url=https://uk.reuters.com/article/uk-endocyte-m-a-novartis-idUKKCN1MS0PN |access-date=9 January 2019 |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805190743/https://uk.reuters.com/article/uk-endocyte-m-a-novartis-idUKKCN1MS0PN |url-status=dead }}</ref> Endocyte will bolster Novartis' offering in its radiopharmaceuticals business, with Endocyte's first in class candidate [[Lutetium (177Lu) vipivotide tetraxetan|<sup>177</sup>Lu-PSMA-617]] being targeted against metastatic castration-resistant prostate cancer.<ref>{{Cite web |date=18 October 2018 |title=Novartis announces planned acquisition of Endocyte to expand expertise in radiopharmaceuticals and build on commitment to transformational therapeutic platforms |url=https://www.novartis.com/news/media-releases/novartis-announces-planned-acquisition-endocyte-expand-expertise-radiopharmaceuticals-and-build-commitment-transformational-therapeutic-platforms |website=Novartis |access-date=18 October 2018 |archive-date=25 November 2020 |archive-url=https://web.archive.org/web/20201125145132/https://www.novartis.com/news/media-releases/novartis-announces-planned-acquisition-endocyte-expand-expertise-radiopharmaceuticals-and-build-commitment-transformational-therapeutic-platforms |url-status=live }}</ref> In late December the company announced it would acquire France-based contract manufacturer, CellforCure from [[LFB]], boosting its capacity to produce cell and gene therapies.<ref>{{Cite news |date=20 December 2018 |title=Novartis to buy France's CellforCure to boost cell, gene therapy |work=Reuters |url=https://uk.reuters.com/article/us-novartis-cellforcure/novartis-to-buy-frances-cellforcure-to-boost-cell-gene-therapy-idUKKCN1OJ287 |access-date=20 December 2018 |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806011641/https://uk.reuters.com/article/us-novartis-cellforcure/novartis-to-buy-frances-cellforcure-to-boost-cell-gene-therapy-idUKKCN1OJ287 |url-status=dead }}</ref>

On 9 April 2019, Novartis announced that it had completed the spin-off of [[Alcon]] as a separate commercial entity. Alcon was listed on the SIX exchange in Switzerland and NYSE exchange in the U.S.<ref name="auto" /> Novartis announced during late 2019 a five-year [[artificial intelligence]] "alliance" with Microsoft. The companies aim to create applications for "Microsoft's AI capabilities", in turn improving the other's drug development processes. Microsoft seeks to "test AI products it is already working on in 'real-life' situations". The deal will pursue solutions for "organizing and using" data generated from Novartis' laboratory experiments, clinical trials, and manufacturing plants. It will also look at improving manufacturing of [[Chimeric antigen receptor T cell]] (CAR T cells). Finally, the deal "will also apply AI to generative chemistry to enhance drug design".<ref>{{Cite news |last1=Neville |first1=Sarah |last2=Waters |first2=Richard |title=Novartis and Microsoft join forces to develop drugs using AI |url=https://www.ft.com/content/93e532ee-e3a5-11e9-b112-9624ec9edc59 |access-date=5 November 2019 |website=Financial Times |date=October 2019 |archive-date=4 October 2020 |archive-url=https://web.archive.org/web/20201004125138/https://www.ft.com/content/93e532ee-e3a5-11e9-b112-9624ec9edc59 |url-status=live }}</ref> In November 2019, Sandoz announced it would acquire the Japanese business of Aspen Global inc for €300&nbsp;million (around $330&nbsp;million), boosting the business's presence in Asia.<ref>{{Cite web |title=Sandoz Boosts Toehold in Japan with Aspen Acquisition |url=https://www.biospace.com/article/sandoz-boosts-toehold-in-japan-with-aspen-acquisition/ |access-date=2020-05-04 |website=BioSpace |date=11 November 2019 |language=en-US |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806004650/https://www.biospace.com/article/sandoz-boosts-toehold-in-japan-with-aspen-acquisition/ |url-status=live }}</ref> In late November 2019, the business announced it would acquire The Medicines Company for {{US$|9.7 billion}} ($85 per share) in order to acquire amongst other assets, the cholesterol lowering therapy; [[inclisiran]].<ref>{{Cite web |last=Terry |first=Mark |date=25 November 2019 |title=Novartis Buys The Medicines Company: A $9.7 Billion Gamble on a PCSK9 Cholesterol Drug |url=https://www.biospace.com/article/novartis-to-buy-the-medicines-company-for-9-7-billion/?s=79 |access-date=1 Dec 2019 |website=BioSpace |location=Urbandale, Iowa |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806004851/https://www.biospace.com/article/novartis-to-buy-the-medicines-company-for-9-7-billion/?s=79 |url-status=live }}</ref><ref>{{Cite web |date=26 November 2019 |title=Novartis set to buy Medicines Co. for $9.7 billion |url=https://www.leadersleague.com/en/news/novartis-set-to-buy-medicines-co-for-9-7-billion |access-date=1 Dec 2019 |website=Leaders League |location=Paris |archive-date=5 August 2020 |archive-url=https://web.archive.org/web/20200805171021/https://www.leadersleague.com/en/news/novartis-set-to-buy-medicines-co-for-9-7-billion |url-status=live }}</ref>

In April 2020, the company announced it would acquire Amblyotech.<ref>{{Cite web |title=Amblyotech, A Digital Therapeutics Company, Announces It Has Been Acquired by Novartis |url=https://www.biospace.com/article/amblyotech-a-digital-therapeutics-company-announces-it-has-been-acquired-by-novartis/ |access-date=2020-05-04 |website=BioSpace |language=en-US |archive-date=6 August 2020 |archive-url=https://web.archive.org/web/20200806054300/https://www.biospace.com/article/amblyotech-a-digital-therapeutics-company-announces-it-has-been-acquired-by-novartis/ |url-status=live }}</ref>

In September 2020, Novartis was imposed a fine of €385&nbsp;million by the French competition authority on accusations of abusive practices to preserve sales of [[Ranibizumab|Lucentis]] over a cheaper drug.<ref>{{Cite web |date=2020-09-09 |title=Pharmaceutical giants fined record €444 million for 'abusive practices' |url=https://www.brusselstimes.com/news/130513/record-e444-million-fine-for-three-pharmaceutical-companies-over-abusive-practices/ |access-date=2020-09-13 |website=The Brussels Times |language=en |archive-date=9 October 2020 |archive-url=https://web.archive.org/web/20201009131444/https://www.brusselstimes.com/news/130513/record-e444-million-fine-for-three-pharmaceutical-companies-over-abusive-practices/ |url-status=live }}</ref> Also in September, [[BioNTech]] has leased a large production facility from Novartis to follow all advance demands for its coronavirus vaccine in Europe and sell it to China.<ref>{{Cite web |date=17 September 2020 |title=BuyNTech buys Novartis site to boost EU vaccine production |url=https://www.ft.com/content/53f8b351-2020-4de6-8e8b-b3a8c56ba32b |access-date=21 September 2020 |website=Financial Times |archive-date=15 January 2021 |archive-url=https://web.archive.org/web/20210115072259/https://www.ft.com/content/53f8b351-2020-4de6-8e8b-b3a8c56ba32b |url-status=live }}</ref>

In July 2020, Novartis agreed to pay $678&nbsp;million to settle allegations that the company violated the False Claims Act and Anti-Kickback Statute by paying physicians to induce them to prescribe certain of the company's drugs. Novartis allegedly spent hundreds of millions of dollars on fraudulent speaker programs that served as a means to bribe doctors with cash payments and other extravagant rewards.<ref>{{cite web |title=Novartis Pays Over $642 Million to Settle Allegations of Improper Payments to Patients and Physicians |url=https://www.justice.gov/opa/pr/novartis-pays-over-642-million-settle-allegations-improper-payments-patients-and-physicians |website=www.justice.gov |publisher=U.S. Department of Justice |access-date=5 June 2024 |language=en |date=1 July 2020}}</ref> Many of these speaking programs were allegedly nothing more than social gatherings at expensive restaurants, with limited or no discussion about the Novartis drugs.<ref>{{cite web |url=https://millershah.com/blog/novartis-pays-over-642-million-to-settle-fca-allegations/ |title=Novartis Pays over $642 Million to Settle FCA Allegations &#124; Miller Shah &#124; FCA Whistleblower Lawyers Los Angeles |date=July 2020 }}</ref>

In October Novartis announced it would acquire Vedere Bio for $280&nbsp;million boosting the businesses cell and gene therapy offerings.<ref>{{Cite web |title=Novartis Acquires Vedere Bio, a Novel Optogenetics AAV Gene Therapy Company |url=https://www.biospace.com/article/novartis-acquires-vedere-bio-a-novel-optogenetics-aav-gene-therapy-company/ |access-date=29 January 2021 |website=BioSpace |archive-date=7 November 2020 |archive-url=https://web.archive.org/web/20201107173248/https://www.biospace.com/article/novartis-acquires-vedere-bio-a-novel-optogenetics-aav-gene-therapy-company/ |url-status=live }}</ref><ref>{{Cite web |title=Novartis Expands Footprint in Gene and Cell Therapy with Vedere Bio Acquisition |url=https://www.biospace.com/article/novartis-adds-vedere-bio-to-its-gene-and-cell-therapy-mix-in-280-million-deal/ |access-date=29 January 2021 |website=BioSpace |date=29 October 2020 |archive-date=25 November 2020 |archive-url=https://web.archive.org/web/20201125194643/https://www.biospace.com/article/novartis-adds-vedere-bio-to-its-gene-and-cell-therapy-mix-in-280-million-deal/ |url-status=live }}</ref>

In October 2020, as part of a joint venture to develop therapeutic drugs to combat [[COVID-19]], Novartis bought 6% of all shares outstanding in Swiss [[DARPin]] research company [[Molecular Partners]] AG at CHF 23 per share.<ref>[http://www.globallegalchronicle.com/molecular-partners-option-and-license-agreement-with-novartis/ Global Legal Chronicle] {{Webarchive|url=https://web.archive.org/web/20201111102435/http://www.globallegalchronicle.com/molecular-partners-option-and-license-agreement-with-novartis/ |date=11 November 2020 }} Molecular Partners Option and License Agreement with Novartis (30 October 2020)</ref>

In December 2020, Novartis announced it would acquire [http://www.cadenttx.com/ Cadent Therapeutics] for up to $770&nbsp;million, gaining full rights to CAD-9303 (a [[NMDA receptor|NMDAr positive allosteric modulator]]), [[Onfasprodil|MIJ-821]] (a [[NMDA receptor|NMDAr negative allosteric modulator]]) and CAD-1883 a clinical-stage [[SK channel]] positive allosteric modulator.<ref>{{Cite web |title=Cadent Therapeutics Enters Agreement to be Acquired by Novartis |url=https://www.biospace.com/article/cadent-therapeutics-enters-agreement-to-be-acquired-by-novartis/ |access-date=29 January 2021 |website=BioSpace |archive-date=5 February 2021 |archive-url=https://web.archive.org/web/20210205001343/https://www.biospace.com/article/cadent-therapeutics-enters-agreement-to-be-acquired-by-novartis/ |url-status=live }}</ref><ref>{{Cite news |date=17 December 2020 |title=Novartis buys neuroscience company Cadent for up to $770 million |newspaper=Reuters |url=https://www.reuters.com/article/us-novartis-m-a-cadent-idUKKBN28R0KU |access-date=29 January 2021 |via=www.reuters.com |archive-date=4 February 2021 |archive-url=https://web.archive.org/web/20210204234420/https://www.reuters.com/article/us-novartis-m-a-cadent-idUKKBN28R0KU |url-status=live }}</ref>

In September 2021, the company announced it would acquire gene-therapy business, Arctos Medical, broadening its [[optogenetics]] range.<ref>{{Cite web|url=https://www.biospace.com/article/novartis-snaps-up-arctos-medical-to-target-genetically-related-blindness/?s=79|title=Novartis Adds to Optogenetics Portfolio with Arctos Medical Buy|date=21 September 2021 |access-date=23 September 2021|archive-date=23 September 2021|archive-url=https://web.archive.org/web/20210923214634/https://www.biospace.com/article/novartis-snaps-up-arctos-medical-to-target-genetically-related-blindness/?s=79|url-status=live}}</ref> In December, Novartis announced it would purchase Gyroscope Therapeutics from health care investment company, Syncona Ltd, for up to $1.5&nbsp;billion.<ref>{{Cite news|url=https://www.reuters.com/business/healthcare-pharmaceuticals/novartis-buy-gyroscope-therapeutics-up-15-bln-2021-12-22/|title=Novartis buys Gyroscope for $1.5 BLN to add new retinal gene therapy|newspaper=Reuters|date=22 December 2021|last1=Mitra|first1=Sinchita|access-date=23 December 2021|archive-date=23 December 2021|archive-url=https://web.archive.org/web/20211223221431/https://www.reuters.com/business/healthcare-pharmaceuticals/novartis-buy-gyroscope-therapeutics-up-15-bln-2021-12-22/|url-status=live}}</ref>

In February 2022, New York City-based biotechnology company Cambrian Biopharma announced it had licensed rights to [[mTOR inhibitors|mTOR inhibitor]] programs from Novartis.<ref name=endpts3>{{cite news |url=https://endpts.com/novartis-vet-is-getting-another-shot-at-mtor-following-the-implosion-of-a-longevity-pioneer/ |title=Novartis vet is getting another shot at mTOR following the implosion of a longevity pioneer |website=Endpoints |date=February 16, 2022 |access-date=March 14, 2022 |archive-date=14 March 2022 |archive-url=https://web.archive.org/web/20220314223654/https://endpts.com/novartis-vet-is-getting-another-shot-at-mtor-following-the-implosion-of-a-longevity-pioneer/ |url-status=live }}</ref> As part of the deal, Cambrian was setting up a subsidiary called Tornado Therapeutics.<ref name=endpts3/>

In August 2022, the company announced its plan to spin off Sandoz generic drugs unit to form a publicly traded business as part of a restructuring.<ref name=sandoz-ft /> With the unit having generated US$9.69&nbsp;billion in 2021, the spin-off would create the biggest generic drugs company in Europe by sales.<ref name=sandoz-bn>{{cite news |url=https://www.bloomberg.com/news/articles/2022-08-25/novartis-will-spin-off-sandoz-generic-drugs-unit-by-next-year |title=Novartis to Spin Off Sandoz Generic Drug Unit by Next Year |date=25 August 2022 |work=[[Bloomberg News]] |last=Kresge |first=Naomi |url-access=limited |archive-url=https://archive.today/20220825073304/https://www.bloomberg.com/news/articles/2022-08-25/novartis-will-spin-off-sandoz-generic-drugs-unit-by-next-year |archive-date=25 August 2022 |url-status=live}}</ref>

In June 2023, Novartis announced it would acquire [[Chinook Therapeutics]] and its drug pipeline for up to $3.5&nbsp;billion.<ref>{{Cite news |last=Burger |first=Ludwig |date=2023-06-12 |title=Novartis buys Chinook for $3.5 billion in race to treat rare kidney disease |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/novartis-acquire-us-based-chinook-32-bln-upfront-2023-06-12/ |access-date=2023-07-11 |archive-date=13 June 2023 |archive-url=https://web.archive.org/web/20230613160408/https://www.reuters.com/markets/deals/novartis-acquire-us-based-chinook-32-bln-upfront-2023-06-12/ |url-status=live }}</ref>

In July 2023, Novartis acquired DTx Pharma, a developer of technology for delivering RNA-based therapies, upfront for $500&nbsp;million and an additional $500&nbsp;million subject to reaching certain targets.<ref>{{Cite news |last=Freeman |first=Mike |date=2023-07-17 |title=San Diego biotech that's trying to cure hard-to-treat diseases is acquired for $500M |url=https://www.sandiegouniontribune.com/business/story/2023-07-17/san-diego-biotech-startup-dtx-pharma-acquired-by-novartis-for-500-million |work=The San Diego Union-Tribune |access-date=21 August 2023 |archive-date=21 August 2023 |archive-url=https://web.archive.org/web/20230821020612/https://www.sandiegouniontribune.com/business/story/2023-07-17/san-diego-biotech-startup-dtx-pharma-acquired-by-novartis-for-500-million |url-status=live }}</ref> Also in June, Novartis announced it would it would sell [[Xiidra]] to [[Bausch & Lomb]] for $1.75&nbsp;billion and receive additional $750&nbsp;million linked to future sales for Xiidra as well as two pipeline assets.<ref>{{Cite news |date=30 June 2023 |title=Bausch + Lomb to buy Novartis dry-eye drug for $1.75 bln |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/bausch-lomb-buy-dry-eye-drug-novartis-175-billion-wsj-2023-06-30/ |access-date=30 June 2023 |archive-date=30 June 2023 |archive-url=https://web.archive.org/web/20230630130435/https://www.reuters.com/markets/deals/bausch-lomb-buy-dry-eye-drug-novartis-175-billion-wsj-2023-06-30/ |url-status=live }}</ref><ref>{{Cite news |date=30 June 2023 |title=Novartis Sells Eye Drugs to Bausch + Lomb for Up to $2.5 Billion |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-06-30/novartis-sells-eye-drugs-to-bausch-lomb-for-up-to-2-5-billion |access-date=20 June 2023 |last1=Pfanner |first1=Eric |last2=Kresge |first2=Naomi}}</ref>

In September 2023, Novartis announced that the spin-off had been approved by its shareholders and that it would be completed by the next month, resulting in Novartis shareholders receiving one Sandoz share for every five Novartis shares.<ref>{{Cite news |last=Burger |first=Ludwig |date=15 September 2023 |title=Novartis shareholders vote in favour of Sandoz spin-off |url=https://www.reuters.com/business/healthcare-pharmaceuticals/novartis-shareholders-vote-favour-sandoz-spin-off-2023-09-15/ |access-date=18 September 2023 |work=Reuters |language=en |archive-date=26 September 2023 |archive-url=https://web.archive.org/web/20230926085615/https://www.reuters.com/business/healthcare-pharmaceuticals/novartis-shareholders-vote-favour-sandoz-spin-off-2023-09-15/ |url-status=live }}</ref><ref name="ft-spinoff">{{Cite news |last=Kuchler |first=Hannah |date=18 August 2023 |title=Novartis plans to spin off Sandoz in October |url=https://www.ft.com/content/85a15324-2569-4ff3-97c5-8e6d528eb0d1 |work=Financial Times |access-date=19 September 2023 |archive-date=4 October 2023 |archive-url=https://web.archive.org/web/20231004050617/https://www.ft.com/content/85a15324-2569-4ff3-97c5-8e6d528eb0d1 |url-status=live }}</ref> Sandoz will be listed on the [[SIX Swiss Exchange]] with a market capitalization between $18&nbsp;billion and $25bn.<ref>{{Cite news |title=Sandoz to initially join Swiss mid-cap index after listing - SIX exchange |url=https://www.reuters.com/article/novartis-sandoz-listing/sandoz-to-initially-join-swiss-mid-cap-index-after-listing-six-exchange-idUKL8N3AQ0VL |date=13 September 2023 |work=Reuters |access-date=19 September 2023 |archive-date=4 October 2023 |archive-url=https://web.archive.org/web/20231004050617/https://www.reuters.com/article/novartis-sandoz-listing/sandoz-to-initially-join-swiss-mid-cap-index-after-listing-six-exchange-idUKL8N3AQ0VL |url-status=live }}</ref><ref name="ft-spinoff" />

On 4 October 2023, Novartis completed the spin-off of Sandoz as a stand-alone company.<ref name="spinoff-complete" />

In November 2023, Legend Biotech and Novartis signed an out-license deal to develop and manufacture Legend's [[CAR T cell|chimeric antigen receptor]] (CAR-T) therapies, that go after delta-like ligand protein 3 (DLL3) including large cell [[Neuroendocrine tumor|neuroendocrine carcinoma]] candidate LB2102 for $100&nbsp;million upfront, and Legend Biotech will be eligible to receive up to $1.01&nbsp;billion in clinical, regulatory, and commercial milestone payments and tiered royalties.<ref>{{Cite web |last=Ojha |first=Shreeyashi |date=2023-11-15 |title=Legend & Novartis sign $100m agreement - BioProcess Insider |url=https://bioprocessintl.com/bioprocess-insider/deal-making/legend-and-novartis-sign-100m-car-t-license-agreement/ |access-date=2023-11-30 |website=BioProcess International |language=en-US }}{{Dead link|date=June 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

In December 2023, Novartis sold its 15 ophthalmology drugs to JB Chemicals for ₹1,089 crore ($116 million).<ref>{{Cite web |date=2023-12-19 |title=JB Chemicals acquires around 15 opthalmology<!--sic--> drugs from Novartis for ₹1,089 crore |url=https://www.cnbctv18.com/market/jb-chemicals-share-price-signs-two-agreements-novartis-for-select-ophthalmology-brands-18600001.htm |access-date=2023-12-19 |website=CNBCTV18 |language=en |archive-date=19 December 2023 |archive-url=https://web.archive.org/web/20231219192633/https://www.cnbctv18.com/market/jb-chemicals-share-price-signs-two-agreements-novartis-for-select-ophthalmology-brands-18600001.htm |url-status=live }}</ref>

In 2023, the [[World Intellectual Property Organization|World Intellectual Property Organization (WIPO)]]’s Madrid Yearly Review ranked Novartis's number of marks applications filled under the [[Madrid Protocol|Madrid System]] as 4th in the world, with 110 [[trademarks]] applications submitted during 2023.<ref>{{Cite web |title=Madrid Yearly Review 2024 |url=https://www.wipo.int/edocs/pubdocs/en/wipo-pub-940-2024-en-madrid-yearly-review-2024.pdf |page=22 |access-date=18 September 2024 |archive-date=25 June 2024 |archive-url=https://web.archive.org/web/20240625134138/https://www.wipo.int/edocs/pubdocs/en/wipo-pub-940-2024-en-madrid-yearly-review-2024.pdf |url-status=live }}</ref>

In February 2024, Novartis announced it would acquire the German biotech firm [[MorphoSys|MorphoSys AG]] for €2.7bn.<ref>{{Cite web |title=Novartis to acquire cancer-centric MorphoSys for $2.9 bln |url=https://www.reuters.com/markets/deals/novartis-acquires-cancer-drug-developer-morphosys-29-bln-2024-02-05/ |date=2024-02-05 |access-date=2024-02-05 |work=Reuters |language=en}}</ref> Germany's antitrust regulator, the Federal Cartel Office, approved the takeover in March 2024.<ref>{{Cite web |date=2024-03-12 |title=German regulators approve Novartis deal to buy drugmaker Morphosys |url=https://www.yahoo.com/news/german-regulators-approve-novartis-deal-125905472.html |access-date=2024-04-10 |website=Yahoo News |language=en-US |archive-date=12 March 2024 |archive-url=https://web.archive.org/web/20240312140745/https://www.yahoo.com/news/german-regulators-approve-novartis-deal-125905472.html |url-status=live }}</ref>

In May 2024, Novartis announced it would acquire Mariana Oncology for $1 billion upfront and up to $750 million more if certain milestones were met.<ref>{{Cite web |date=2024-05-02 |title=Novartis to buy Mariana Oncology in radiopharmaceutical expansion |url=https://finance.yahoo.com/news/novartis-buy-mariana-oncology-radiopharmaceutical-122000219.html |access-date=2024-05-03 |website=Yahoo Finance |language=en-US |archive-date=3 May 2024 |archive-url=https://web.archive.org/web/20240503082544/https://finance.yahoo.com/news/novartis-buy-mariana-oncology-radiopharmaceutical-122000219.html |url-status=live }}</ref>

In July 2024, Novartis entered into a strategic collaboration with [https://www.drenbio.com/ Dren Bio] to develop therapeutic [[Bispecific monoclonal antibody|bispecific antibodies]] for cancer, with the deal worth up to $3 billion.<ref>{{Cite web |date=2024-07-25 |title=Novartis and Dren Bio enter bispecific antibody partnership worth up to $3bn - PMLiVE |url=https://pmlive.com/pharma_news/novartis-and-dren-bio-enter-bispecific-antibody-partnership-worth-up-to-3bn/ |access-date=2024-07-25 |website=pmlive.com |language=en-GB |archive-date=1 August 2024 |archive-url=https://web.archive.org/web/20240801234738/https://pmlive.com/pharma_news/novartis-and-dren-bio-enter-bispecific-antibody-partnership-worth-up-to-3bn/ |url-status=live }}</ref><ref>{{Cite web |title=Novartis hopes for better luck with bispecifics via $150M upfront Dren Bio deal |url=https://www.fiercebiotech.com/biotech/new-growth-novartis-pharma-announces-partnership-dren-bio |website=Fiercebiotech |date=24 July 2024 |access-date=25 July 2024 |archive-date=27 July 2024 |archive-url=https://web.archive.org/web/20240727032956/https://www.fiercebiotech.com/biotech/new-growth-novartis-pharma-announces-partnership-dren-bio |url-status=live }}</ref>

In November 2024, Novartis and Ratio Therapeutics entered into a worldwide licence and collaboration agreement worth $745m to advance a [[somatostatin receptor 2]] (SSTR2)-targeting [[Radiation therapy|radiotherapeutic]] candidate for cancer.<ref>{{Cite web |last=Philpott |first=Jenna |date=2024-11-19 |title=Novartis strengthens radiopharma leadership with Ratio Therapeutics deal |url=https://www.pharmaceutical-technology.com/news/novartis-strengthens-radiopharma-leadership-with-ratio-therapeutics-deal/ |access-date=2024-11-25 |website=Pharmaceutical Technology |language=en-US}}</ref>

In February 2025, Novartis announced the acquisition of Anthos Therapeutics for $925m.<ref>{{Cite web |title=Novartis strengthens cardiovascular pipeline with Anthos acquisition |url=https://www.bluewin.ch/en/news/novartis-strengthens-cardiovascular-pipeline-with-anthos-acquisition-2555435.html |access-date=2025-02-11 |website=blue News |language=en}}</ref>

In April 2025, Novartis announced plans to spend $23 billion to build and expand 10 facilities in the USA.<ref>{{Cite web |last=swissinfo.ch |first=S. W. I. |date=2025-04-11 |title=Novartis Pledges $23 Billion US Investment as Tariffs Loom |url=https://www.swissinfo.ch/eng/novartis-pledges-$23-billion-us-investment-as-tariffs-loom/89146530 |access-date=2025-04-22 |website=SWI swissinfo.ch |language=en}}</ref>

In April 2025, Novartis agreed to buy Regulus Therapeutics Inc. in a deal that could be valued at up to $1.7 billion.<ref>{{Cite web |last=Hamilton |first=Katherine |title=Novartis to Acquire Regulus in $1.7 Billion Deal |url=https://www.wsj.com/business/deals/novartis-to-acquire-regulus-in-1-7-billion-deal-6701a037 |access-date=2025-05-01 |website=WSJ |language=en-US}}</ref>