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How to spend it

4 Nov 2021 By Aimee Donnellan

The drugs giant is buying back stock from its rival for $20 bln. It highlights the group run by Severin Schwan’s rich valuation and makes risky M&A less likely. The cash could be less helpful for Novartis, which is still in the middle of a turnaround and has a patchy deal record.

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