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By Anthony Shevlin
Shares in Sanofi SA (SAN.FR) rose Friday after the French drug maker named Novartis AG's (NOVN.EB) pharmaceutical unit head Paul Hudson as its new chief executive.
Sanofi said Mr. Hudson will replace outgoing chief executive Olivier Brandicourt who has decided to retire. Mr. Hudson's incorporation is effective September 1.
At GMT 1055, shares in Sanofi traded 5.1% higher at EUR78.85.
"Key questions for the new CEO will be group structure--remain diversified or explore options for the consumer division--and capital allocation," said Citi analysts, who anticipated a positive market reaction.
Analysts at Bryan Garnier expect Mr. Hudson to push the drug maker to accelerate its transformation.
"We expect Paul Hudson to form with the new CFO a very dynamic and productive tandem that will convince the investment community about its strategy and present a new roadmap, hopefully by the end of the year," the bank says.
Write to Anthony Shevlin at email@example.com; @anthony_shevlin
(END) Dow Jones Newswires
June 07, 2019 07:29 ET (11:29 GMT)
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