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UPDATE 1-AstraZeneca loses second top executive as Vectura gets new CEO

Wed, 24th Jun 2015 10:10

(Adds context on AstraZeneca, comment from company spokeswoman)

By Ben Hirschler

LONDON, June 24 (Reuters) - AstraZeneca has lost asecond senior executive in a fortnight with the departure of itsrespiratory and inflammatory medicines head James Ward-Lilley tobecome chief executive of lung drug specialist Vectura.

His departure follows the exit earlier this month of BriggsMorrison, AstraZeneca's former chief medical officer and head oflate-stage drug development, who moved on to become CEO ofprivately owned cancer drug firm Syndax.

An AstraZeneca spokeswoman said on Wednesday that the timingof the departures was "pure coincidence" and both men weremoving on to new and different types of challenges as businessleaders.

Vectura said Ward-Lilley would become CEO effective Oct. 1,replacing Chris Blackwell, whose departure had already beenannounced and who will leave the small drug company at the endof this month.

The move is a blow to AstraZeneca, which has identifiedrespiratory medicine as one of its six growth businesses,alongside oncology, diabetes, the heart drug Brilinta, emergingmarkets and Japan.

AstraZeneca CEO Pascal Soriot, who took over in 2012 andsuccessfully fought off a $118 billion takeover attempt byPfizer last year, has sought to bolster the company'srespiratory franchise.

The drugmaker already boasts an established blockbuster inits inhaled treatment Symbicort, for asthma and chronic lungdisease, and Soriot plans to build on that after buying PearlTherapeutics in 2013 and Almirall's lung drug businessin 2014.

Vectura, whose shares traded 1 percent higher bymid-morning, said Trevor Phillips would act as interim CEO fromthe end of June until Ward-Lilley joined the company. (Additional reporting by Roshni Menon in Bengaluru; Editing byPravin Char)

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TOP NEWS: Vectura shareholders accept Philip Morris takeover

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Philip Morris seals contentious Vectura takeover

(Sharecast News) - Philip Morris International has taken control of Vectura after the cigarette company's contentious bid was supported by owners of almost 75% of the inhaler maker's shares.

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UPDATE 3-Philip Morris seals deal for UK's Vectura despite health group concerns

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UPDATE 2-Tobacco firm Philip Morris seals deal for UK's Vectura with 75% support

* Holders of roughly 75% Vectura shares tender support* PMI needed 50% backing for deal to go through* Extends deadline for other holders to tender shares by Sept. 30 (Adds detail, background)By Pushkala AripakaSept 16 (Reuters) - Cigarette maker P...

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IN BRIEF: Philip Morris gets Japanese regulatory approval for Vectura

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UPDATE 3-$10 bln U.S. battle for Britain's Morrisons heads for auction

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UPDATE 2-$10 bln U.S. battle for Britain's Morrisons heads for auction

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UPDATE 2-UK's Smiths to sell medical division to ICU for $2.4 bln, snubs TA

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Philip Morris snaps up more Vectura shares ahead of deal deadline

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Philip Morris buys 23% Vectura stake ahead of contentious vote on deal

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