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Actionable news in NVS: NOVARTIS AG,

Novartis dissolves internal CAR-T unit; collaboration with UPenn unaffected

Novartis (NYSE:NVS) is off a fraction premarket on the heels of the news that it has disbanded its internal cell and gene therapy unit. The company will redeploy ~280 of the 400 employees in the group to other positions in the company while 120 will be let go. The company believes that a dedicated unit no longer makes sense.

In a statement, it says, "We have made the decision to re-integrate activities conducted by the Cell & Gene Therapies Unit into the larger Novartis organization, as part of a natural...


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