Dragos Damian will retake the chief executive position at Terapia Ranbaxy, a company he ran during 2006-2008. He will thus begin his fourth mandate of the past three years, sources closed to the issue told Wall-Street.
will return to his former position as chief executive of Cluj-based drug maker Terapia, company acquired in 2006 by the Indian-based giant Ranbaxy Laboratories. Damian stepped down from his post in mid October as chief executive of Actavis, after only three months at the Icelandic-based company.
Apart from running the shortest mandate in the Romanian drug manufacturing, the growth of its peer, Zentiva resulting from Sanofi-Aventis deal, has been the underlying reason of Terapia Ranbaxy’s move. The aggregation of the two companies’ businesses pushes Sanofi-Aventis to the leading position of the local drug market.
Zentiva and Ranbaxy have entered a head-to-head competition for the leading position in the local market. Once the integration in Sanofi-Aventis, Zentiva leaves his peer far behind. The experience of Dragos Damian at the helm of Ranbaxy, together with his year-and a half-long term at Zentiva could help the Cluj-based producer recover the lost ground.
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