Astra names Roche executive Soriot as new CEO

Pharmaceuticals group AstraZeneca, which has been on the search for a new boss for four months, has appointed Pascal Soriot as its Chief Executive Officer (CEO), joining the firm from Swiss rival Roche.

Soriot, who has been the Chief Operating Officer of Roche's pharmaceuticals division since 2010, will take on his new responsibilities at Astra and join the board on October 1st.

Astra announced on April 26th that CEO David Brennan would retire after more than six years on the job, leaving Chief Financial Officer Simon Lowth to stand in his place temporarily. That decision came as the group revealed that first-quarter revenues came in well below market expectations.

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Astra's Chairman Leif Johansson said in a statement on Tuesday morning: "This is a key appointment at an important time for AstraZeneca and we are certain that Pascal's leadership qualities combined with his strategic thinking and relevant experience make him the right person to drive the company to success over the coming years.

"I am confident that Pascal's approach and his track record of delivering results in innovation-driven businesses will be valued by shareholders and employees alike."

Soriot also held the position as CEO of Genetech, where he was credited with leading the successful merger between the San Francisco-based biologics business and Roche.

He said: "I am excited and honoured to have been asked to lead AstraZeneca. Throughout my career I have had enormous respect for the people of AstraZeneca and what they have achieved. No-one is blind to the challenges that confront the pharmaceutical sector and this company, but the underlying strengths of AstraZeneca in delivering on its strategy are clear.

"AstraZeneca will continue to make a positive difference to patients over the longer term and I'm looking forward to playing my part in shaping that future."

The firm also announced on Tuesday that the European Commission has granted marketing authorisation to ZINFORO, its new intravenous cephalosporin antibiotic for the treatment of adult patients with complicated skin and soft tissue infections or community acquired pneumonia.

"This makes ZINFORO the only approved cephalosporin monotherapy in Europe with demonstrated clinical efficacy against methicillin-resistant Staphylococcus aureus (MRSA), a common cause of serious and difficult to treat complicated skin infections," the firm said.