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Novacyt SA said Thursday that its has appointed David Allmond as chief executive officer following the decision by current CEO Graham Mullis to retire, effective from Oct. 18.
The clinical-diagnostics group, which is listed in London and Paris, said Mr. Allmond will bring significant experience in development and growth. He is currently chief business officer at Amryt Pharma PLC, and has previously held sales and marketing roles at Amgen Inc., Celgene Corp., and Aegerion Pharmaceuticals, Inc.
Mr. Mullis will continue to lead the company as CEO until Mr. Allmond joins the company to ensure a smooth transition, before retiring after 13 years with the wider business, Novacyt said.
"We look forward to working with [Mr. Allmond] and the recently strengthened senior management team to deliver on the company's strategy of organic, R&D and acquisitive growth that we recently reiterated at our full-year results," Chairman James Wakefield said.
It's pretty clear that Amryt will be reducing management headcount once the Chiasma deal closes - the whole rationale for the merger is to make savings in the combined operations. I assume not all the losses will be from the Chiasma team and some Amryt execs will have been lining up other contingency opportunities, I suspect.
Based on the fall in Amryt's SP, US investors were not overly impressed by the terms of the deal. However, there has been a more general decline in pharma of late so It's not entirely down to Amryt's prospects. I would imagine that once the deal closes next week investors will start to look forward. August is generally a bad month for small caps but the pdufa date for Oleogel-S10 will likely cause more interest (and buying) as we go into September..
I think it's underperforming because of the debt structure..
Also they are acquiring Chiasma whose books are very messy as well.
I guess we will have to wait to see what Mr Wiley has to say next Friday. Hopefull he is feeling the heat :-)
Yep even though the market cap of Amryt has gone up 10 fold since 2016 original investor at the 24p level haven't made much here..the Aegerion buyout was based on debt restructure and moved over to Amryt..
I still have my CVR's which will sweeten it up when Filsuvez gets the FDA nod hopefully..