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Teva Pharmaceutical names Danish industry veteran Kare Schultz as its new chief executive

The new chief executive joins Teva - the world's biggest seller of generics medicines - from Denmark's H. Lundbeck A/S, where he has been president and CEO since May 2015
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He has also worked as chief operating officer of Novo Nordisk A/S, the world's biggest producer of insulin

Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) has named industry veteran Kare Schultz as its new chief executive, ending a months-long period during which the Israeli firm had no permanent boss.

The new chief executive joins Teva - the world's biggest seller of generics medicines - from Denmark's H. Lundbeck A/S, where he has been president and CEO since May 2015.

He has also worked as chief operating officer of Novo Nordisk A/S, the world's biggest producer of insulin.

READ: Generic drugs giant Teva sinks after second quarter earnings disappoint, full-year guidance slashed

In a statement, Teva’s chairman Sol Barer said: “Kare has deep insight into the global pharmaceutical industry and a keen knowledge of the generic and specialty drug markets.

“His proven strategic, financial and operational capabilities and his strong commitment to growth will enhance value for all stakeholders and position Teva for long-term success.”

Teva has been searching for a new, permanent CEO since February, when former boss Erez Vigodman departed the company for undisclosed reasons. Yitzhak Peterburg has stood in as interim CEO since then.

There has been plenty of speculation about who might take the reins at Teva, with Pascal Soriot, CEO of AstraZeneca PLC (LON:AZN) at one stage cited as a contender.

Teva's shares in Tel Aviv rallied on news of the appointment, with its ADRs in New York gaining 11.3% to US$17.25 in pre-market trading.

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