Sector News

Teva taps out-of-towner as lead CEO pick: report

May 19, 2017
Life sciences

Teva’s getting close to snagging a new CEO, and this time, it’s not an Israeli citizen. Problem is, that fact could limit its CFO options.

The company is in final-stage negotiations with its chief exec pick, and both the company’s Israeli and American directors are on board with appointing a foreigner, local newspaper Calcalist reports. It’s a shift for the generics giant, which has in the past been intent on maintaining Israeli leadership—and requiring its skipper to live in the country.

Interim chairman and Celgene vet Sol Barer, though, has made clear to investors that Teva intended to go global with exec hunt. On the company’s Q1 call last week, he told them the company was looking for a “world-class individual” to lead the drugmaker, and that Teva would “do what it takes” to sign that individual on—even if it meant waiving the live-in-Israel requirement.

While Teva’s Israeli directors may be keen on a foreign helmsman, though, they don’t want both the CEO and CFO positions going to out-of-towners, Calcalist notes. They’ve demanded that one or the other come from the company’s home country, which could impact the eventual CFO selection. Right now, Teva has three candidates vying for the position, the newspaper wrote.

Teva has for years taken plenty of heat from both analysts and investors over its preference for locals, which critics say limits the talent and experience the company can bring in. Its current problems with sales, debt and M&A—all compounded under Israeli CEO Erez Vigodman and CFO Eyal Desheh, who announced their departures in February and April, respectively—may have finally spurred some of its directors to shift their stances on the matter.

Teva wants “someone with deep and broad pharmaceutical experience that can lead Teva and take this to the next level as a company,” Barer said on the company’s Q4 call, adding that “I am personally involved, I am personally leading this, and I am committed to bringing the absolute best person from anywhere.”

By Carly Helfand

Source: Fierce Pharma

comments closed

Related News

May 15, 2022

Novo Nordisk and Flagship Pioneering announce a strategic collaboration to create a portfolio of transformational medicines

Life sciences

The companies will explore opportunities to apply Flagship’s innovative bioplatforms – an ecosystem that currently comprises 41 companies – to scientific challenges in disease areas within cardiometabolic and rare diseases and initiate research programmes based on these.

May 15, 2022

BD, Babson set sights on bringing simple blood collection into the home

Life sciences

BD is expanding its long-running partnership with the blood collection company Babson Diagnostics. The two companies have been working together since 2019 on a device that can gather small volumes of blood from the capillaries in the fingertip without requiring any specialized training, and beginning with a focus on supporting primary care in retail settings.

May 15, 2022

CSL’s $11.7B Vifor buy, 2021’s biggest biopharma M&A deal, hits antitrust delay

Life sciences

Wednesday, Australian biotech CSL said (PDF) the regulatory review of its $11.7 billion acquisition of Switzerland’s Vifor Pharma will take “a few more months,” suggesting it won’t be able to close the transaction by June 2022 as previously expected.