AstraZeneca poaches new chief from rival to revive its fortunes

 

Click to follow
The Independent Online

AstraZeneca poached its new chief executive from Swiss rival Roche yesterday in an attempt to kick-start the UK drugs giant, which will see many of its top-selling drugs come off patent in the next two years.

The company has also suffered a series of multi-million pound clinical trial failures.

Pascal Soriot, 53, who practised as a vet before moving into the pharmaceutical industry, will join AstraZeneca at the start of October. He headed the cancer drug group Genentech before its $100m (£63m) takeover by Roche in 2009, where he became head of pharmaceuticals. The Frenchman replaces David Brennan, who was one of the most high-profile casualties of the shareholder spring. Mr Brennan resigned in April hours before the company's annual meeting after coming under increasing pressure from institutional investors.

Comments