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Novartis chairman foregoes $78 million payout

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BERLIN (AP) — Swiss drugmaker Novartis AG has agreed with its outgoing chairman to scrap plans for a farewell non-compete deal that could have netted him up to 72 million francs ($78 million). The announcement followed criticism from some of the Basel-based company's shareholders and Swiss politicians. Daniel Vasella, 59, who is retiring later this month, said Tuesday that he and the...