AstraZeneca to appoint new chief financial officer when Alexion acquisition completes

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AstraZeneca PLC (LON:AZN) announced it has appointed Aradhana Sarin as an executive director and chief financial officer, effective from 1 August.


The appointment is conditional on the success of the US$39bn (GBP27.5bn) acquisition of Alexion Pharmaceuticals, Inc., which is expected to complete in the third quarter.


READ: AstraZeneca receives EU approval for lung cancer drug Tagrisso


The pharma giant has already received approval in the US, Canada, Brazil, Russia but is still waiting for the green light from the UK, EU and Japan.


Last week, the UK Competition and Markets Authority (CMA) started an investigation into the acquisition to decide whether it would constitute a merger, which in turn could potentially lessen competition.


Sarin is currently executive vice-president and chief financial officer of Alexion, which she joined in 2017 from Citi Global Banking. She has over 20 years’ experience in global healthcare systems, capital markets and strategic transactions.


Sarin will replace Marc Dunoyer, who will retire from the board after serving as chief financial officer for seven years. Her base salary will be GBP850,000 per annum with a maximum bonuses of 200%.


He will then be appointed chief executive of Alexion and chief strategy officer of AstraZeneca, where he will lead the rare disease unit and develop Alexion’s strategic direction, focusing on delivery of commercial growth.


In a separate announcement, the FTSE 100 group said results from a late-stage trial showed that its Lynparza candidate demonstrated a statistically significant and clinically meaningful improvement in patients with a BRCA mutation of breast cancer.


An estimated 2.3mln people were diagnosed with breast cancer worldwide in 2020 and BRCA mutations are found in 5% of patients.


Lynparza reduced the risk of invasive breast cancer recurrences, second cancers or death by 42% in patients who had completed local treatment and standard neoadjuvant or adjuvant chemotherapy.


At three years, 85.9% of patients treated with Lynparza remained alive and free of invasive breast cancer and second cancers versus 77.1% on placebo.


Lynparza is already approved in the EU, US, Japan and other countries for other types of breast cancer.

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