Axovant Sciences Ltd (NASDAQ:AXON) saw its shares surges after welcoming two big-name pharmaceutical executives to its management team.
Gavin Corcoran, the former chief medical officer of Allergan (NYSE:AGN), will serve as the executive vice president of research and development.
READ: Axovant Sciences shares drop 20% on news of CEO and COO departures
Michael Hayden, former chief scientific officer and president of global R&D at Teva Pharmaceutical Industries Ltd (NYSE:TEVA), has been named as the chairman of the scientific advisory board.
The biotech, which specializes in developing treatments for neurological conditions, lost its CEO, COO and three of its board members in February.
“Since starting as CEO in February, I have been focused on transforming Axovant into a leaner organization, introducing heightened standards of quality and excellence throughout the business, and establishing a new pipeline strategy. We are now poised for growth, and I am excited to have Gavin and Michael join us as we look toward expanding our pipeline in the coming months,” said CEO Pavan Cheruvu.
Shares of the London-based biotech were up nearly 25% to close at US$1.50 Tuesday.