Dan Ivan took up the new position after serving as temporary chairperson since July 30, after the resignation of Cernak.

Zentiva shares are subject to an initial public offering launched by majority shareholder Sanofi-Aventis.

The new owner of Zentiva N.V said it planned to buy 25.09% equity in local drug producer at 0.7 lei/share. The bid is brokered by BRD Groupe Societe Generale, and will complete on September 22.

The company has a share capital of 41.69 million lei, divided into 416.9 million shares at a nominal value of 0.1 lei. Sanofi-Aventis is currently controlling Zentiva via Venoma Holdings that holds 50.98% and Zentiva NV Amsterdam with 23.93% stake.

Zentiva Romania has a market value of 293.95 million lei (70 million euros), at yesterday’s closing quota of 0.705 lei/share.