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Friday, November 13, 2009
Eli Lilly Adds New Head of Research
By Darryl R. Isherwood
FOXBusiness
Eli Lilly and Co. (LLY) has poached Jan Lundberg, AstraZeneca Plc’s (AZN) head of drug discovery, to be its new head of research.
Lundberg is slated to work in Indianapolis and will replace retiring research chief Steven Paul, who is leaving in February.
AstraZeneca said Lundberg would leave immediately. Christer Koehler, head of the company’s central nervous system and pain drug discovery, will replace Lundberg on an interim basis.
The move comes amid a downgrade by Fitch Ratings of Lilly’s rating outlook. Fitch dropped the outlook from stable to negative
to reflect “uncertainty of Eli Lilly’s ability to counter its exposure to key drug patent expiry in the period between 2010
and 2013, which includes the potential loss of market exclusivity for three of five top-selling medicines.
Fitch also affirmed Lilly’s issuer default rating at A+.
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