SANDOZ LOOKS TO TAKEOVERS,

Thus far, the adventurous side of Swiss drugs major Sandoz has manifested in the research laboratory, but now there are signs of awakening in other directions, comments Stephen Moore, writing in the Wall Street Journal.

As patents on some of its leading products are coming up for expiry, some analysts fear that Sandoz risks being left in the backwaters of the increasingly competitive global pharmaceutical business. But Mr Moore notes that analysts are also predicting more acquisitions, citing a "war chest" of nearly $3 billion and the fact that senior executives claim a borrowing capacity to double this. They also suggest that a corporate restructuring (including sale of the seed business) is possible, and see profitability from new R&D projects.