Biotech Values

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Citigroup likes what it sees in Novartis' (NVS +3.6%) today, upgrading the European drug giant to Buy on the back of a solid quarter and significant management changes. Citi says the departure of Dr. Vasella could lead to shareholder friendly activity, including; a streamlining of the company's group structure, monetization of its Roche (RHHBY.PK stake and a possible re-initiation of its buyback program.