Polypeptide drops after CEO resignation

PolyPeptide AG

30/01/2023 08:09

** Shares of Polypeptide Group  PPGN.S  fall 3.3% after CEO
Raymond De Vré resigns
    ** Credit Suisse views the news as negative and notes the
resignation follows two guidance cuts in 2022 and operational
execution issues
    ** The company, which makes peptides for pharma and biotech
companies, says it has initiated search for new CEO, with
chairman of board Peter Wilden taking the role of executive
chairman in the interim period
    ** The Polypeptide stock lost 81% of its value last year
 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))