Last year, the rumor that Pascal Soriot had to change to the CEO of Teva was very rampant, and the reasons for his departure were constant. Pascal Soriot himself declined to comment directly on the matter and later sent an internal memo to the staff, urging them to continue to focus on AstraZeneca’s goals.
The Sunday Times quoted an anonymous source as saying that because of pressure from shareholders, AstraZeneca’s board of directors has begun to look for candidates to replace current CEO Pascal Soriot and is also looking for a candidate to replace CFO Marc Dunoyer. However, the report said that Soriot will not leave immediately, and AstraZeneca will not officially look for alternatives, preferring internal promotion.
The Sunday Times named Menelas Pangalos and Ruud Dobber, both of whom were potential candidates. The former is currently head of AstraZeneca’s early development department for innovative drugs and biotechnology, and the latter is the chief operating officer of AstraZeneca USA.
The personnel change news came out after the loss of a key stage III Mystic study of lung cancer in the AstraZeneca PD-L1+CTLA4 combination, which is worth pondering. The preliminary results of the Mystic study released last year showed that Imfinzi+tremelimumab failed to improve PFS. Soriot continued to defend this treatment combination, and the OS data is worth looking forward to. The updated OS data may also allow AstraZeneca to be used in lung cancer tumor immunotherapy. This big market lost its competitive qualifications. Despite this, Bloomberg analysts expect Imfinzi to have annual sales of more than $2.5 billion from 2022. Imfinzi will also be tested in other Phase III studies of stage IV (metastatic) lung cancer.
Pascal Soriot was appointed Global CEO of AstraZeneca in 2012. In 2014, he rejected Pfizer’s offer of $117 billion for the acquisition of AstraZeneca. He said that AstraZeneca is undervalued and its sales revenue in 2023 can reach $45 billion. . However, since then, AstraZeneca has been affected by the expiration of the Nexium patent, and has failed to grasp the opportunities in the field of cancer immunotherapy. The new drugs other than Ochinib are not good enough, the company’s performance can not satisfy shareholders, the goal of 45 billion US dollars. There is also a distance.
In 2016, Pascal Soriot’s salary at AstraZeneca was $17.4 million, which was under pressure from the board of directors. Last year his salary has dropped to 9.4 million pounds (about $12.7 million), a 34% decrease from the previous year. In the view of the board of directors, AZ’s CEO compensation should be linked to the company’s 2023 sales target of $45 billion. Pascal Soriot also expressed dissatisfaction with his salary in public, which caused the board to be extremely unhappy.
Last year, Pascal Soriot may be the new CEO of Teva, but then the CEO of Lundbeck, Kaare Schultz, went to Teva to take office, which also made the outside world rumored.
The latest trend is that AstraZeneca last week agreed to divest the US right to respiratory syncytial virus treatment Synagis (palivizumab) to Orphan Biovitrum (Sobi) in Sweden for $1.5 billion, which will also make 130 AstraZeneca The employee moved to Sob. At the same time, AstraZeneca recently acquired a 9.8% stake in Innate Pharma as part of a new agreement focused on oncology drug development.