PARIS (Reuters) – A boardroom tussle brewing for months at Sanofi came to a head on Wednesday when France’s top drugmaker fired its chief executive, wiping more billions off its share price.
While the showdown played out in leaks to national newspapers has stunned investors as a “how not to do it” guide to corporate governance, the writing was on the wall in the deteriorating relationship between Chairman Serge Weinberg and CEO Chris Viehbacher.
PARIS (Reuters) – Sanofi’s board ousted its chief executive of six years at a special meeting on Wednesday, two days after it emerged he had fallen out with the French drugmaker’s chairman, wiping more billions off its market value.
The management turmoil comes at a particularly awkward time for France’s second-biggest listed company, after it warned on Tuesday that growth in its key diabetes business would likely stall next year.
PARIS (Reuters) – Sanofi’s (SASY.PA: Quote, Profile, Research) board ousted its chief executive of six years at a special meeting on Wednesday, two days after it emerged he had fallen out with the French drugmaker’s chairman, wiping more billions off its market value.
The board said Sanofi would continue the strategy of international expansion it had pursued under Chris Viehbacher, blaming his dismissal on poor relations between the CEO and the board.
PARIS (Reuters) – Sanofi’s (SASY.PA: Quote, Profile, Research) board was on the verge of ousting its CEO at a special board meeting on Wednesday, according to Le Monde newspaper, two days after it emerged he had fallen out with the French drugmaker’s chairman.
Board directors were asked late on Tuesday to attend the meeting scheduled at 0700 GMT on Wednesday, a source close to Sanofi told Reuters earlier.
PARIS, Oct 29 (Reuters) – Sanofi will hold a
special board meeting on Wednesday at 0700 GMT to examine the
French drugmaker’s management structure, a source close to
Sanofi told Reuters amid uncertainty over the future of its
The board directors were hastily convened to the meeting on
Tuesday evening, the source said.
PARIS (Reuters) – French biotech firm DBV Technologies – developer of what it says is a breakthrough treatment for peanut allergy sufferers – makes its U.S. market debut on Wednesday, with a Nasdaq listing set to raise funds for further research.
The Paris-listed company, which develops immunotherapy patches for patients with potentially fatal food allergies, is issuing 2.67 million new shares worldwide via a U.S. listing and a private placement which together will raise at least 90 million euros ($114 million).
PARIS (Reuters) – French pharmaceutical firm Nicox (NCOX.PA: Quote, Profile, Research, Stock Buzz) may list its shares on the Nasdaq to attract U.S. investors and gain recognition as an eye drug specialist, its chief executive told Reuters.
Nicox has been refocusing its business around ophthalmology drugs – a market worth $20 billion worldwide – since a bruising setback in 2010, when the U.S. Food and Drug Administration rejected its non-steroidal anti-inflammatory drug naproxcinod, recommending further trials to prove its safety.
PARIS, June 25 (Reuters) – French drugmaker Sanofi
is in the “very early stages” of considering the sale of a
portfolio of older drugs, managers told an internal meeting on
Wednesday, according to union representatives who were present.
People familiar with the matter had told Reuters in April
that Sanofi was looking to part with drugs that could fetch $7-8
billion as it seeks to shed non-core assets and focus on
PARIS, June 25 (Reuters) – Eighteen French biotech firms,
several newly listed on the Paris stock market, head to New York
on Wednesday and Thursday to convince U.S. investors to help
fund the next stages of their research and development.
Among them are companies specialised in therapeutic vaccines
(Genticel ), cell-based immunotherapy (TxCell
), genetic disease diagnostics (Genomic Vision
) and needle-free injections (Crossject ).
PARIS, May 28 (Reuters) – Europe’s third-largest catering
group Elior said it aimed to raise at least 845 million euros
($1.2 billion) in a mid-June initial public offering (IPO) and
would use the proceeds to cut debt and fund further expansion,
notably in the United States.
The company, which competes with France’s Sodexo
and Britain’s Compass, set a price range for its IPO of
14.35 to 17.50 euros per share on Wednesday and set an expected
June 11 date for its return to the Paris bourse after an