Transgene shares were down more than 4% on the Paris Bourse on Friday, following the announcement of the departure of its CEO and confirmation of the end of its collaboration with AstraZeneca.

The biotech company - which designs and develops cancer immunotherapies based on viral vectors - announced that Alessandro Riva, Chairman of its Board of Directors, would replace Hedi Ben Brahim as Chief Executive Officer as of June 1.

Riva will thus combine the functions of Chairman of the Board and Chief Executive Officer 'in order to accelerate the development of its portfolio of innovative immunotherapies', the company said in a press release.

The company also states that it has been informed by AstraZeneca of its decision to terminate its R&D collaboration on oncolytic viruses, which had been signed in 2019.

As a result of this termination, the worldwide rights to the oncolytic virus candidate that had been terminated by AstraZeneca in December 2021 will be returned to Transgene.

This decision - which was widely expected by the markets - will have a limited impact on Transgene's previously announced financial forecasts, and the company confirms that it benefits from financial visibility until early 2024.

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