Novartis AG (SWX:NOVN) is seeking M&A. Vasant Narasimhan, Chief Executive Officer said, "when you look at that balance sheet that the company currently has, we have a lot of flexibility. You can see on the left-hand side of this chart, we are well positioned versus the peer set in terms of our overall rating. And then similarly, when you look at our leverage, very nicely -- a nice balance sheet that gives us a lot of flexibility either to pursue attractive M&A or to continue to return capital to our shareholders".