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Home Industry News Novartis says it will use note profits for corporate purposes

Novartis says it will use note profits for corporate purposes

3rd June 2009

Novartis has stated it will use profits from its recent notes issue for “general corporate purposes”.

The Swiss drugmaker successfully launched the 1.5 billion euros (1.28 billion pounds) item with a coupon of 4.25 per cent.

Maturing on June 15th 2016, the seven-year note was priced at 99.757 per cent and is part of its Euro Medium Term Note Programme, which is worth 15 billion euros.

Novartis AG ? which is the ultimate parent company of Novartis Finance and is incorporated in Switzerland ? has guaranteed the note.

Having been placed in a diversified and international investor base, the offering has been met with great interest as it was oversubscribed more than four times.

In other financial news, Novartis revised ? for the first and only time ? its price offer to Novartis India from 351 rupees (4.5 pounds) per share to 450 rupees at the end of last month.

The former employs around 100,000 staff in 14 countries. As it has a performance-orientated culture, it is committed to attracting the best candidates in research and development, marketing and sales, finance and administration.

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