Press digest for October 28
NVS•Novartis reportedly took a near $2 billion writedown on a drug after a late-stage trial failure. Other headlines covered a possible wind-down at Weil, a Bank of England review of Revolut, and UK ministers examining whether Poundland’s owners are seeking its administration.
1. Novartis drug writedown
Novartis reportedly took a near $2 billion writedown on a drug at the centre of its Avidity BioSciences acquisition this year. The rare disease treatment failed in a late-stage trial, raising doubt about its viability.
2. Other headlines
Weil, Gotshal & Manges has tapped restructuring specialists to assess options including a possible wind-down. The Bank of England ordered a review of Revolut’s product approval processes, while UK ministers are seeking to establish whether Poundland’s owners are trying to force the retailer into administration.
