AstraZeneca tumbles on rumours of exit by Soriot

Shares in AstraZeneca dropped almost 5% today on reports from Israel that boss Pascal Soriot was about to join the country’s pharma company Teva, as its next chief executive.

Soriot is believed to be close to signing terms that would see him paid almost $20 million (£16 million) for the role, twice as much as his predecessor.

A spokeswoman for the Anglo-Swedish company said it would not comment on market rumours.

Soriot, 58, has led AstraZeneca since 2012 and is best-known for having fought off a £54 billion takeover attempt by US drugs giant Pfizer three years ago.

However, takeover rumours have re-emerged in recent months with Novartis said to be interested.

This year is also make or break for the company’s drugs pipeline, with several key cancer treatments expected to show breakthrough results, particularly in the new field of immunotherapy.

Astra, whose shares fell 242p to 4950p, needs new blockbuster drugs to replace the cashflows from its cholesterol treatment, being replaced by generic versions.

Shares in Teva jumped 4% on the reports. Its chief Erez Vigodman stepped down in February.