Novartis Suspends Some Investment, Business Activities In Russia

  • Novartis AG NVS will suspend capital investments, media advertising, and other promotional activities in Russia but remain committed to providing access to its medicine there.
  • "Novartis condemns the war in Ukraine," it said in a statement, adding that "while we remain committed to providing access to our medicine in Russia, we responsibly pause the initiation of new clinical trials and the enrolment of new study participants in existing trials."
  • The move by Novartis follows similar steps by other drugmakers following sanctions against Moscow for its invasion of Ukraine. 
  • Related: Pfizer To Stop New Clinical Trials In Russia: Reuters.
  • Novartis has delivered more than 600 thousand packs of antibiotics, painkillers, cardio-vascular, and oncology treatments to maintain supply to those who rely on these drugs in Ukraine and the border areas where people seek refuge.
  • The Company has also made an initial $3 million donation to charities supporting refugees and displaced people in Ukraine and bordering countries. 
  • Price Action: NVS shares are down 1.16% at $85.08 during the premarket session on the last check Tuesday.
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Posted In: BiotechNewsHealth CareGeneralBriefsRussia-Ukraine WarUkraine-Russia War
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