Soriot Makes Changes At AstraZeneca As The Pharma Explores Its Options
This article was originally published in The Pink Sheet Daily
AstraZeneca’s Soriot makes big moves on his first day on the job – putting a hold on the company’s share-repurchase program and causing speculation that a big acquisition is set for the near future.
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Diabetic nephropathy, pancreatic islet cell health as well as heart failure will feature in early-stage research conducted by AstraZeneca's cardiometabolic iMED based in Mölndal, Sweden - now one of three strategic R&D centers for the trimmed-down British drug maker.
AstraZeneca has appointed an experienced biotech and pharmaceuticals executive, Pascal Soriot, to its vacant CEO position, while Roche switches Daniel O'Day from its diagnostics to its pharmaceuticals division.
A rough first quarter and news of the CEO’s decision to step down in slightly over a month leads to speculation that AstraZeneca could be an attractive M&A target for another pharma that might shut down the company’s struggling R&D effort and cash in on the existing portfolio.