Europe’s largest biotech company, Actelion of Basel, is changing its management structure after coming under pressure from investors Elliott Advisors.
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In a statement on Tuesday, Actelion said it had appointed Otto Schwarz, head of business strategy and operations at Actelion since 2008, as chief operating officer.
This would allow chief executive Jean-Paul Clozel to focus more on strategic matters, it added.
“Together we are committed to move Actelion to the next stage – advancing value creation for all stakeholders by turning innovation into successful medicines that change patients’ lives,” Clozel said.
“We will also continue to evaluate in-licensing and acquisitions and act decisively when we identify value-adding opportunities.”
Elliott had urged the Swiss biotech group to consider seeking a buyer after a string of product setbacks and had also accused Actelion of pursuing a high-risk strategy that had eroded shareholder value.
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