H. Lundbeck's chairman excised himself from the company picture on Friday. Previously, Flemming Lindeløv had said he'd leave after the company's annual meeting in April, but he decided to leave early "to restore some calm." Perhaps in parting insult, Lundbeck shares rose on the news.
Lundbeck is squeezed on all sides--two of its in-development drugs failed late-stage trials this year, its patent on the top-selling antidepressant Lexapro expires in 2012, and it has yet to find a replacement drug. The company's plans to ramp up U.S. sales with a domestic sales force had to be postponed as well. Lindeløv will be replaced by board member Per Wold-Olsen, named previously as the chairman's successor.
- see this release
- read the AFX report