Switzerland-Based Galenica Ltd. (GALN.SW) Prepares To Split In Two, CEO Steps Down
8/13/2014 6:12:45 AM
Galenica AG (GALN), the maker of an iron-deficiency treatment and the owner of Switzerland’s biggest pharmacy network, is preparing to split into two publicly traded entities. The share rose the most in more than eight months.
Chief Executive Officer David Ebsworth will retire Aug. 31 next year, and won’t be replaced, the Bern, Switzerland-based company said in a statement today. Instead, Shire Plc’s Soeren Tulstrup will become CEO of the Vifor Pharma unit, which sells the Ferinject iron therapy, while Joerg Kneubuehler will head the Galenica Sante division, which runs the Amavita and Sun Store pharmacy chains. Both will report to Chairman Etienne Jornod.
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