While the recent departure of its CEO may have come as a surprise to investors, the key parts of a transition to address Destiny Pharma’s next transactional deals may have been building to fruition for some time. Business development plus leadership of the Board and management teams are already now in place, with the focus on XF-73 remaining a constant.
In a relatively short space of time, the interim CEO has given way to the permanent appointment of Chris Tovey, who will assume the position of Destiny’s CEO on September 1. Chris joins Destiny from Jazz Pharmaceuticals and GW Pharmaceuticals (GW), and his involvement in the growth and major transactions of both companies should serve Destiny well at this time in its evolution.
In short order after the appointment of its new CEO, Destiny announced the well-received appointment, or re-appointment, of its Chairman Sir Nigel Rudd who held the same position from 2010 until 2018 and presided over its IPO. Sir Nigel returns with the helpful gravitas of a UK industry grandee, and as a significant Destiny shareholder.
In the statements on their appointments, Debra Barker, Chris Tovey and Sir Nigel have all mentioned XF-73 and the US partnering opportunity. This should leave investors in no doubt of the focus of Destiny Pharma in the next year.
Our fair value for Destiny Pharma plc remains unchanged at £254.7m (or 279 pence per share).
