U.S. Unlikely To Approve Novartis Drug

By Anita Greil

Novartis AG chief executive Daniel Vasella said he doesn't expect the company's painkiller Prexige to gain U.S. approval. The drug was pulled from the Australian market earlier this year on safety concerns.
"If you want my personal opinion, I don't expect we'll get approval," Mr. Vasella told investors attending an event in East Hanover, N.J., to showcase the Switzerland-based company's portfolio of drugs.