Advanz aims to grow after Concordia switch
Concordia International is looking to invest in licensing and co-development deals, as well as in product and company acquisitions, as it seeks to revive its fortunes under the new Advanz Pharma brand following the completion of a recapitalisation transaction that took place in early September.
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Last year was a year of significant executive changes in the off-patent industry, with numerous high-profile hires and departures from companies like Sandoz, Teva, Viatris, Hikma, Fresenius, Neuraxpharm and Stada.
Stada’s head of Europe, Steffen Wagner, is set to become the new CEO of Advanz early next year, while current CEO Graeme Duncan will step down and take a new role as special advisor to the board. Advanz is also appointing a new chief financial officer, with Merck Healthcare’s Andreas Stickler set to succeed Adeel Ahmad in January.
Nordic Capital has completed its takeover of Advanz Pharma, three years after the company’s transformation from its former identity of Concordia. The company is planning “considerable investment” following the deal.