Capital Allocation

Asia Leaders

Vasant Narasimhan Is Funding Novartis’s Next Growth Cycle with Debt, Deals and China Capacity

Vasant Narasimhan has committed Novartis to a rapid sequence of acquisitions and Chinese investment while net debt rises. The strategy could rebuild growth across RNA medicine, oncology and radioligand therapy, but execution now matters more than portfolio rhetoric.

Asia Leaders

Noubar Afeyan Oversaw Moderna’s $2.2 Billion Cost Reset. The Cash Runway Is the Board’s Next Test

Noubar Afeyan’s most consequential job in 2026 is chairing Moderna through a costly transition. The board has backed deep savings and a tighter pipeline; its next obligation is to show that lower spending can produce durable medicines before cash declines too far.

Asia Leaders

Kiran Mazumdar-Shaw Has Recombined Biocon. The Biosimilars Bet Must Now Generate Cash

Biocon’s structure is finally catching up with the global biosimilars business Kiran Mazumdar-Shaw assembled. Stronger margins and falling leverage are encouraging, but dilution, price competition and manufacturing execution remain material tests.