French drugmaker Sanofi says it is hiring Bayer HealthCare Chairman and CEO Olivier Brandicourt as its next CEO.
Sanofi said Thursday Brandicourt, 59, will start on April 2. He has been Bayer HealthCare's chairman and CEO since November 2013, and was also an executive for Pfizer Inc.
Sanofi's board fired CEO Christopher Viehbacher in October because it was unhappy about his handling of the business, including the loss of U.S. market share for its diabetes drug Lantus. Viehbacher, who led the company for six years, was the first non-Frenchman to lead Sanofi.
Bayer HealthCare said Werner Baumann, 52, will become chairman.
U.S. shares of Sanofi closed at $50.10 Thursday. The stock is down 5.1 per cent since Viehbacher was fired.
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