End Of Schultz Era Looms For Teva
CEO Kåre Schultz Unlikely To Renew Contract Past November 2023, Company Confirms
Teva is expecting to have a new CEO by the end of next year, after current leader Kåre Schultz indicated that he was unlikely to renew his contract. The president and chief executive has overseen an eventful and transformative period for the Israeli firm.
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Already approved in the EU, Norway, Iceland, Lichtenstein, the UK, Switzerland, and Canada, Alvotech’s AVT02 high-concentration biosimilar to Humira (adalimumab) will not be greenlit by the USFDA until the Icelandic firm resolved manufacturing deficiencies.
Denying any wrongdoing or admission of liability, Teva has agreed to a proposed settlement of $420m with a class of investors following allegations that the firm had concealed the true nature of its increase in profits, which artificially inflated the price of Teva’s securities.
A delay in FDA approval for partner Alvotech’s proposed high-concentration biosimilar version of Humira has not concerned Teva, especially after the product was approved by the EMA at the end of last year. There “shouldn’t really be any challenges here,” management says.