Poor Sir Tom McKillop, the outgoing chief executive at drug giant AstraZeneca. He had hoped to leave the company this Christmas on a high note with a huge retirement party and the company fit for the future.
Instead, he leaves AZ is in relatively poor shape.
Crestor their "blockbuster" (LOL) that Tom promised would have 20% of the statin market (and he would do "whatever it takes" to get it there), is languishing in the doldrums with only single figures market share.
In addtion their late stage pipeline is bone dry. AZ have only two very risky products in Phase 3 development: Cerovive and Galida. Both could still fail.
Still, lets not feel too upset for poor old Tom.
He has just sold 40 per cent of his holding in AZ for £2.1 million, the company has just revealed.
Europe's third biggest prescription drug maker said Sir Tom - who will earn upwards of £200,000 a year in his new role as deputy chairman at Royal Bank of Scotland - sold 77,774 shares at £27.49 each.
He also holds still options over 678,481 more shares.
So that should be enough cash for him to stand his friends and colleagues a "wee dram" at the bar to celebrate his leaving. However, the toadys will already be sucking up to their new boss, David Brennan. Good Luck Dave.......you will need it!
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