Puzzling out the M&A and deal strategy at Novartis has been one of the most popular parlor games in biopharma. CEO Vas Narasimhan, an upbeat guy, has enjoyed a good streak of new drug approvals. And since being named to the post in the fall of 2017, he’s delighted in a series of small to mid-sized bolt-on deals — mostly for cash — that’s kept everyone buzzing about what he’ll turn to next.
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