Alexion slumps as CEO and CFO quit

13 December 2016

Shares of US biotech firm Alexion Pharmaceuticals (Nasdaq: ALXN) plunged as much as 15.6% to $111.44 on Monday, after it was revealed that its chief executive David Hallal had resigned for personal reasons, and chief financial officer Vikas Sinha was leaving to pursue other opportunities.

Media reports, however, suggest that the executives were ousted after they lost the confidence of the board of directors, following Alexion’s delayed filing of its third-quarter 10-Q report with the Securities and Exchange Commission, saying it was investigating allegations about sales practices with its top-selling rare disease drug Solaris (eculizumab). That investigation is “nearing completion,” the company stated.

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