Cipla's CEO Departs Amid "Text-Book" Succession Plan For Future
Cipla has announced the departure of its CEO Subhanu Saxena and the elevation of a promoter family member, Samina Vaziralli, as it transitions to its next phase of growth. Vaziralli's elevation reinforces the long-term commitment of the promoter group to Cipla and comes amid on-and-off speculation that the company may be a sell-off candidate.
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The rumor mill has it that Cipla has begun a significant personnel "rightsizing" effort as it tweaks its business strategy for the next phase of growth. The Indian firm maintains that any job cuts are from natural attrition from its evolving business model in Europe.
Cipla is acquiring the US-based firms InvaGen Pharmaceuticals and Exelan Pharmaceuticals for $550m, a deal which is expected to arm the India company with a ready basket of on-market generic drugs and attractive filings in addition to a manufacturing base as it ramps up in the US.
Plus deals involving LegoChem/Pyxix, Biohaven/Sosei Heptares, Kyowa Kirin/Helsinn, Dr. Reddy’s/Glenmark, Eisai/Wren, KoBioLabs/Kolmar Korea, Y-Biologics/Pierre Fabre, Generex/Chinese consortium.