PolyPeptide Group names new CEO before likely Swiss IPO during 2021

ZURICH (Reuters) - Privately held drug industry contract manufacturer PolyPeptide Group named a new chief executive on Tuesday ahead of a likely initial public offering (IPO) in Switzerland later this year.

Raymond De Vre, a Belgian who previously worked at Indian contract manufacturer Dr. Reddy's Laboratories as global head of biologics, will join PolyPeptide Group as CEO-elect in April.

CEO Jane Salik is stepping down during the summer but will stay on the board, the Swedish-headquartered company said.

"De Vre is a respected leader in the life sciences community, bringing skills and expertise which will make significant contributions to our continued long-term growth," PolyPeptide said in a statement.

PolyPeptide, a quarter-century-old firm which bought Lonza's peptides business in 2017, is advancing preparations for a 2021 Zurich stock market listing, sources have told Reuters.

The company makes peptides, tiny proteins used among others in cancer drugs, antibiotics, vaccines or anti-wrinkle agents, at plants in Europe, the United States and India.

PolyPeptide's customers include Novavax Inc, for which it is making ingredients for its COVID-19 vaccine candidate.

PolyPeptide did not immediately respond to a request for comment.

 

(Reporting by John Miller)