Repligen's longtime CEO to step down; shares drop

Repligen

13/06/2024 16:15

(Updates)
    ** Shares of biotech co Repligen Corp  RGEN.O  fall 9.9% to
$128.76, lowest in over six months  
    ** Co's board gives its nod to the planned transition of CEO
Tony Hunt to executive chair, effective Sept. 1
    ** Olivier Loeillot, who joined RGEN in 2023 as president
and chief commercial officer, will succeed Hunt as CEO 
    ** Hunt has served as RGEN's CEO since May 2015  
    ** This announcement is not a complete surprise, albeit a
bit sooner than expected, says Stephens analyst Jacob Johnson
    ** "Still, Tony was synonymous with RGEN and today may
reveal how large the Tony Hunt premium was," Johnson adds
    ** "We do not view the transition from Hunt to Loeillot as
indicative of any change in strategy, as Loeillot was hired into
Repligen with the intent to be the successor to Hunt" - William
Blair analyst Sam Martin 
    ** Including session moves, stock down 28% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))