UK-based biotechnology company Axovant Sciences Ltd (NASDAQ:AXON) has completed the reorganization and strengthening of its management team in preparation for the company’s pipeline expansion.
Axovant Sciences has announced that Gavin Corcoran will be joining the company as its new Executive Vice President of Research & Development and Michael Hayden will become a senior scientific advisor, as well as the Chairman on the company’s Scientific Advisory Board.
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Before joining Axovant, Corcoran was the Executive Vice President for Global Medicines Development at Forest Laboratories and was then the Chief Medical Officer of Actavis, when Actavis acquired Forest Laboratories.
Corcoran is excited to join Axovant and is “eager to…accelerate the development of [the company’s] pipeline.”
Hayden had previously held the position of President of Global Research and Development and Chief Scientific Officer at Teva Pharmaceuticals (NYSE:TEVA) and had said that he is “very impressed with the [calibre] of the Axovant team and [is] excited about the future growth of the company.”
Pavan Cheruvu was appointed as the company’s new CEO in February and has, since then, been “focused on transforming Axovant into a leaner organization” by “introducing heightened standards of quality and excellence throughout the business, and establishing a new pipeline strategy.”
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The company began its restructuring in February 2018 in order to “reduce costs, and streamline business processes in preparation for future business development activities.”
As a result, Axovant Sciences was able to reduce its global commercial team and the company’s “internal headcount” fell by almost 43%.
After the announcement was made on Tuesday, shares of Axovant rose 23.65% and closed at a share value of $1.49 USD. The company was able to reach a high shared value of $1.64 and a low of $1.20.
Comparatively, Axovant closed at a share value of $1.21 on Friday.
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