AstraZeneca management shakeup sign of major restructuring leading to stock recovery, say analysts
The management changes at Anglo-Swedish drug major AstraZeneca (LSE: AZN) announced this week do not increase risk and, if anything will lead to a step-change downwards in R&D investment, say analysts at Panmure Gordon & Co, noting that the risk of M&A remains as it was, which is the major overhang at present.
On the M&A front, the UK’s third-largest drugmaker, Shire (LSE: SHP), saw its shares rise 2.4% to £20.82 yesterday, on renewed speculation that it is a takeover target for AstraZeneca.
The executive changes announced Monday by AstraZeneca’s new chief executive Pascal Soriot, who took up the office last October, included replacing the head of R&D and the top commercial executive Tony Zook, who had been a contender for the top post at the drugmaker after the sudden departure of David Brennan last summer (The Pharma Letter January 16).
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