GlaxoSmithKline plc (NYSE:GSK) shares jumped over 2.11% in pre trading session on Monday as it recently announced an exclusive licensing deal with Spero Therapeutics, Inc. (NASDAQ:SPRO) for tebipenem HBr, Spero’s late-stage antibiotic asset. Tebipenem HBr is being developed as the first oral carbapenem antibiotic for the treatment of complex urinary tract infections (cUTI) caused by specific bacteria, including pyelonephritis.
Chief Commercial Officer of GSK, Luke Miels said, “A new oral antibiotic as an alternative to intravenous hospital treatment for drug-resistant complex urinary tract infections has a significant unmet medical need. Tebipenem HBr supports GSK’s infectious illness strategy and is consistent with our goal to identifying value-adding opportunities in order to develop a strong late-stage portfolio. Tebipenem HBr has a clear regulatory road to eventual approval in the United States, which might greatly assist patients with severe urinary tract infections.”
GSK has named Julie Brown as its first female chief financial officer, succeeding Iain Mackay as the firm concentrates on its core medicines business.
Brown’s hiring provides a unique all-female top management at a blue-chip British corporation and a worldwide pharma major, with Emma Walmsley as GSK’s chief executive.
Brown, who has vast expertise in the health and pharmaceutical industries, will join GSK in April from luxury fashion company Burberry and start in May.
JP Morgan analysts said in a note that there may have been a need to boost Healthcare experience in GSK’s executive team following the recent split of the consumer health company.
Mackay, 60, will retire next year after nearly four years as GSK’s finance boss, following an eight-year spell as HSBC’s global finance director. His retirement, which has been discussed for some time, follows the July spin-off of GSK’s huge consumer health company, Haleon. It also comes after the departure of Hal Barron, the chief scientific officer, in August.
Brown, 60, joined Burberry in 2017 from medical goods company Smith & Nephew and served on the board of Swiss pharmaceutical Roche until September 26th, when she stepped down.
She also worked in finance at AstraZeneca, which hired a female CFO, Aradhana Sarin, last year.
“It’s really satisfying to see a major biopharma business run by two women in an industry dominated by males,” said Lucy Coutts, investment director at wealth management firm JM Finn, which owns GSK stock.
Brown will be paid more than 900,000 pounds per year, according to GSK.
“Julie is a seasoned CFO with extensive knowledge of the biopharma industry. We also have a great interest in human development, diversity, inclusiveness, and sustainability “In a statement, Walmsley added.
