Af­ter No­var­tis CEO Vas Narasimhan down­played ru­mors that his com­pa­ny want­ed to ac­quire the biotech Cy­to­ki­net­ics, the Wall Street Jour­nal re­port­ed Thurs­day that the Big Phar­ma has backed away from the deal in the last sev­er­al days. A rep­re­sen­ta­tive for No­var­tis told End­points News that the com­pa­ny “doesn’t com­ment on mar­ket ru­mor or spec­u­la­tion,” and Cy­to­ki­net­ics sim­i­lar­ly said it doesn’t com­ment on spec­u­la­tion.

Source: Wall Street Journal January 11, 2024 21:15 UTC