The chief executive of Hikma Pharmaceuticals PLC (AIM:HIK, OTC:HKMPF), Siggi Olafsson, has stepped down from the role, with a permanent replacement yet to be found.
The British injectable medicine business announced today that Olafsson had resigned from the post and from Hikma’s board of directors after four years in the role.
Hikma’s former chief executive Said Darwazah will temporarily replace Olafsson in the interim before a new chief executive is appointed.
“They have initiated a search for a new chief executive,” a spokesman told Proactive on the phone, who was unable to give an estimation of when Olafsson might be replaced.
Olaffson will leave the company on 24 June 2022.
The announcement comes just days after the company held an extraordinary general meeting on 20 May 2022 where shareholders agreed to approve the conversion of the merger reserve to a distributable reserve.
“Hikma is on a strong footing and well positioned for future growth,” the new interim CEO Darwazah said in a statement.
Last month, the company announced it had completed its acquisition of Custopharm Inc. from Water Street Healthcare Partners following approval from the US Federal Trade Commission.
The merger is expected to boost its research and development capabilities, particularly in the United States, and expand its product portfolio.
In a separate statement in April, it denied rumours that it had entered into a licence agreement with Opiant Pharmaceuticals (OPNT).
Hikma reported “solid growth” in 2021 after its sales rose 9% following solid performance from its three assets. It reported $2.55bn of revenue for the year ending 31 December 2021, up from $2.34bn the prior year. Part of its promise to shareholders was to deliver $300 million through a share buyback scheme.
The company's share price was down 1.55% at 8.09 am this morning compared to the closing price yesterday of GBX 1,758.50.