Economy

AstraZeneca's CEO Expected To Join Israeli Drugmaker Teva

AstraZeneca's CEO Expected To Join Israeli Drugmaker Teva

Israel-based Teva is expected to name AstraZeneca CEO Pascal Soriot, Reuters reported citing Israeli financial news website Calcalist.

Shares of AstraZeneca plc.

Teva was left without a permanent CEO in February after Erez Vigodman stepped down, leaving new management to try to restore confidence in the world's biggest generic drugmaker after a series of missteps.

Soriot has apparently met with Teva's search committee and chairman and has agreed to take the job, Calcalist reported Wednesday.

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Soriot is believed to be close to signing terms that would see him paid nearly $20 million (£16 million) for the role, twice as much as his predecessor.

"Soriot is a quality chief executive who has delivered a 40 per cent increase in the dollar share price (outperforming European Union pharma) and his departure would not be a positive depending of course on the identity of any replacement".

In 2014, he led the company through an aggressive 70 billion pounds takeover approach from U.S. rival Pfizer, assuring its investors the company will deliver $45 billion of annual revenues by 2023. The group's shares have added more than 10 percent to their value over the past year, and are up by some 11 percent in the year-to-date.


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