Natco elevates Rajeev Nannapaneni as Vice Chairman and CEO

Nannapaneni, who joined the company's board in 2005, was Chief Operating Officer till now

Drug firm Natco Pharma Ltd today said it has promoted Rajeev Nannapaneni as Vice Chairman and Chief Executive Officer (CEO) of the company.

The company is pleased to announce the elevation of Rajeev Nannapaneni to the position of Vice Chairman and Chief Executive Officer, Natco Pharma said in a statement.

Nannapaneni, who joined the company's board in 2005, was till now the Chief Operating Officer.

In his new position, Nannapaneni would be incharge of all day to day operations of the company and would oversee all functional areas, the company added.

According to the company, Nannapaneni played a significant role in obtaining the first ever compulsory licence in India for the generic version of Bayer's Nexavar- a drug used in the treatment of kidney and liver cancers.

In March, the Hyderabad-based firm was allowed to manufacture and sell cancer-treatment drug Nexavar at a price over 30 times lower than charged by patent-holder Bayer Corporation, under compulsory licensing.