Under-pressure Stada is seeing some change at the top–but not as a result of activists’ efforts.
Sunday, the German drugmaker announced that longtime skipper Hartmut Retzlaff would vacate the CEO’s chair on account of a “serious, long-term illness.” Exec board members Helmut Kraft and Matthias Wiedenfels will take up his duties, with Wiedenfels assuming the chief exec title.
Retzlaff, who served as CEO for 23 years, shaped the company, Stada Chairman Martin Abend said in a statement, noting that the helmsman’s departure “comes as a surprise and saddens us deeply.” But he’s confident Wiedenfels will stand for “continuity as well as the ability to give the company the continuously necessary new impulses,” he said.
What remains to be seen is whether those “new impulses” are enough to placate rebel investor Active Ownership Capital, which has been clamoring to swap out the company’s board members with its own candidates. After the two sides nearly reached a compromise last month–Active Ownership would replace three directors instead of the 5 it initially wanted–Stada said instead that it would be selecting new picks on its own.
What Active Ownership wants may not end up mattering, though, if rumors about a potential Stada sale are true. Late last month, The Wall Street Journal reported that the company had been holding informal takeover talks with private equity firm CVC Capital Partners, discussing a buyout that could value Stada at about €3.7 billion ($4.1 billion).
By Carly Helfand
Source: Fierce Pharma
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
