Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, has announced the appointment of a new executive to lead its business development activities. Angus Grant, who has extensive experience in the biopharma industry, will join Teva as its executive vice president and head of business development on August 1 2023.
Grant will be responsible for overseeing Teva’s global strategy for business development, licensing, mergers and acquisitions, and strategic partnerships. He will report directly to Teva’s president and CEO Kåre Schultz, who welcomed him to the company and highlighted his qualifications and achievements.
“Angus brings a wealth of knowledge and expertise in business development, licensing, mergers and acquisitions, and strategic partnerships that will be invaluable to Teva as we continue to execute on our long-term strategy,” Schultz said in a press release. “He has a proven track record of delivering value-creating transactions and building strong relationships with external partners across the biopharma industry.”
Grant has more than two decades of experience in the biopharma sector, having held senior roles at several leading companies. He started his career at Merck & Co., where he spent 10 years in various positions, including director of corporate licensing and business development. He then moved to AstraZeneca PLC, where he served as vice president of strategic partnering and business development for oncology. He also worked at MedImmune LLC, the biologics arm of AstraZeneca, as senior vice president of corporate development and strategy. In addition, he was the chief business officer at Dyax Corp., a biotech company focused on rare diseases.
Most recently, Grant was the chief business executive at BeiGene Ltd., a global biotechnology company that develops and commercializes innovative medicines for cancer and other serious diseases. He joined BeiGene in 2016 and was instrumental in establishing and managing the company’s global partnerships, including collaborations with Amgen Inc., Novartis AG and BioAtla LLC.
“I am excited to join Teva and look forward to working with Kåre and the leadership team to identify and pursue strategic opportunities that will enhance Teva’s portfolio, capabilities and value proposition for patients, customers and shareholders. Teva has a unique position in the global healthcare market with its strong presence in generics, specialty medicines and biosimilars, as well as its commitment to innovation and quality.”
– Angus Grant
Teva, which is headquartered in Israel, has been facing several challenges in recent years, such as pricing pressure in the generic drug market, patent expirations for some of its key products, legal liabilities related to its opioid business and debt repayment obligations. The company has been implementing a restructuring plan to reduce its costs, improve its profitability and strengthen its balance sheet. The company has also been focusing on its specialty medicines segment, which includes its multiple sclerosis drug Ajovy (fremanezumab) and its migraine drug Austedo (deutetrabenazine), as well as expanding its presence in emerging markets such as China and India. Grant’s appointment could indicate Teva’s intention to seek more deals and partnerships to boost its growth prospects and diversify its revenue streams.
