Alexion Names New CEO Following Internal Sales-Practice Probe

By Imani Moise

Alexion Pharmaceuticals Inc. named a new chief executive Monday, months after the company's top leadership abruptly stepped down amid an internal investigation into sales practices.

Drug-industry veteran Ludwig Hantson will succeed interim CEO David Brennan. Mr. Brennan, who is now expected to serve as chairman of the board, took the helm in December after former CEO David Hallal stepped down abruptly after about 20 months on the job.

Mr. Hantson joins the company, which is one of the biggest sellers of treatments for rare diseases, after working as CEO of Baxalta Inc., where he was known for financial discipline. Under his tenure, Leerink noted, Baxalta stock generated a 39% return from June 2015 to June 2016.

Mr. Brennan had been seen by some investors as lacking operational knowledge of the company, Leerink Partners said. Alexion didn't immediately respond to a request for comment.

At the conclusion of its investigation in January, Alexion said unnamed senior management had pressured staff to get customers to order its flagship drug earlier than needed to meet financial targets; it said the practices were inappropriate but not impermissible. The company didn't have to adjust its previous earnings statements as a result of the investigation.

Shares fell 1.3% to $117.70 during afternoon trading Monday. The stock has fallen 3.8% so far this year.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

March 27, 2017 14:02 ET (18:02 GMT)

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