New CEO Appointed at AstraZeneca

As reported by The Wall Street Journal, the UK pharmaceutical giant, AstraZeneca, has appointed a new CEO, Pascal Soriot.

Dr Soriet was formally chief operating officer at Roche’s pharmaceutical division since 2012 and has worked in the pharma industry since 1986. He will join AstraZeneca on 1st October 2012.

It is hoped that Dr. Soriet’s strong experience will help give the company a boost as they face one of the industry’s largest patent expirations. Drugs such as Seroquel and Nexium (which account for 44 per cent of their sales) lose patent protention from this year through the end of 2014. Therefore, Soriet will be focusing on searching for licensing deals, partnerships and acquisitions of late-stage assets in order to replenish AstraZeneca’s drug pipeline and increase sales.

 

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