Novartis is flashing warning signs about the fate of its newly acquired myelofibrosis drug

CHICAGO — Something is off about the way Novartis is talking about pelabresib, its newly acquired and costly treatment for myelofibrosis. I suspect the Swiss pharma giant’s previously stated plan to submit a marketing application to the Food and Drug Administration this year has been blocked.

I’m not just speculating wildly. It’s looking increasingly likely that the $3 billion purchase of MorphoSys to acquire pelabresib — a deal pushed hard by top Novartis executive strategist Ronny Gal over some internal dissent — has run into serious trouble just days after the closing.

On Sunday evening, Novartis Chief Medical Officer Shreeram Aradhye, speaking at the company’s ASCO investor event here in Chicago, offered this response to an analyst who asked about pelabresib.

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