Sector News

Sanofi chairman laments deterrence effect of French tax amid CEO search

December 8, 2014
Life sciences
(Reuters) – France’s high tax burden makes it hard to recruit top executives, Sanofi Chairman Serge Weinberg said on Thursday, as the drugmaker continues to hunt for a new boss.
 
Weinberg was instrumental in the October ousting of Chris Viehbacher as CEO and has since been filling the role himself on a temporary basis.
 
“The deterioration of French tax-competitiveness and the burden on companies and individuals pose a problem,” Weinberg told reporters in Paris.
 
“It’s extremely difficult to attract international executives or even bring back French ones who have left. There will be consequences if this continues, because we can’t rely on patriotic sentiment or goodwill alone.”
 
Weinberg would not respond to rumours that the job had been turned down by Smith & Nephew’s French boss Olivier Bohuon, seen as a favourite to replace Viehbacher.
 
“We have no comment on the subject,” Weinberg said, adding that he had merely been speaking “in general” about recruitment challenges. By Noelle Mennella (Writing by Laurence Frost; Editing by David Goodman)

comments closed

Related News

May 21, 2022

As monkeypox cases emerge in US and Europe, Bavarian Nordic inks vaccine order

Life sciences

A monkeypox outbreak is emerging in the U.S. and Europe, and at least one country is amping up countermeasure preparedness. Bavarian Nordic has secured a contract with an unnamed European country to supply its smallpox vaccine, called Imvanex in Europe, in response to the emergence of monkeypox cases, the Danish company said Thursday.

May 21, 2022

Moderna chairman Afeyan defends hiring practices after CFO debacle: report

Life sciences

Moderna’s recent chief financial officer debacle—in which Jorge Gomez departed on his second day on the job—raised questions about the company’s hiring process given its rush to global biopharma prominence. The most obvious one: How was it possible for Gomez to be hired when he was under investigation by his previous employer, Dentsply Sirona of Charlotte, N.C.

May 21, 2022

Merck to pay up to $1.4B in cancer deal with Kelun, but details are scarce

Life sciences

Merck & Co. is plucking a cancer project from the branch of Chinese-based Kelun Pharmaceutical for up to $1.4 billion, but details from the New Jersey-based Big Pharma have been hard to come by. The deal, first disclosed Monday on the Shenzhen stock exchange, has Merck handing over $47 million in upfront cash in exchange for ex-China rights to a “macromolecular tumor project.”