Novartis AG’s first-quarter profit was little changed as weaker currencies in Japan and emerging markets weighed on sales, offsetting gains from newer products such as the Gilenya treatment for multiple sclerosis.
European stock-index futures rose, indicating the Stoxx Europe 600 Index will climb for a third day, as the region’s markets reopen after the Easter holiday. U.S. index futures and Asian shares were little changed.
Bawag PSK Bank AG, the Austrian lender owned by Cerberus Capital Management LP and GoldenTree Asset Management LP, is discussing an initial public offering with banking advisers, people with knowledge of the situation said.
A flurry of billion-dollar deals announced today including a swap of cancer and vaccine drugs between Novartis AG and GlaxoSmithKline Plc will reshape the pharmaceutical industry as it looks to cut costs and may herald another round of mergers and acquisitions.