Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) on Monday announced it named Lundbeck’s Kare Schultz as its new chief executive, sending the company’s stock up more than 20 percent.
Teva, the world’s biggest generic drugs maker, has been search a new CEO for seven months. The company has lost about 57 percent of market value this year before today’s rally.
Mr. Schultz has been in the industry for many years. He Left Novo Nordisk A/S in mid-2015 and then Joined Denmark’s Lundbeck.
Teva has been struggling in the recent years. The company faced pressure from investors to split the company into two business.
Earlier in August, Teva reported second-quarter revenue and earnings that missed analysts’ estimates. What’s more, the company lowers guidance for the full-year, sending the stock drop more than 20 percent.
Mr. Schultz said, “I am honored to join Teva, an iconic company that I have long admired during my career. What drew me to Teva, and what makes Teva different from its peers, is its unique commitment to growing an extensive global reach while continuing to provide new and high-quality treatments for patients and an innovative culture for its employees. I am proud to be joining a company that helps millions of patients around the world on a daily basis with its broad range of generic and specialty drugs and solutions. I look forward to working closely with the entire team at Teva to build a future of success for the Company and its stakeholders.”