The Novartis ceo was coy with a French newspaper when asked about speculation that the drugmaker was interested in a deal with Bayer, or anyone for that matter.

“I have no indication that could confirm any rumours about tie-ups between big players in the sector,” Dan tells La Tribune. “We do not comment on rumours. As an observer one has to ask oneself a question about the logic. Who stands to benefit? Certain investors and hedge funds could gain a lot of money thanks to such rumours.”

But he did reiterate last week’s remarks that 2008 will be difficult thanks to numerous setbacks. A large cost-cutting program involving US sales and marketing is under way, as a result. “We have 12 months to reorganise ourselves and optimise our cost base and investments,” Dan says.