Alexion Pharmaceuticals Inc.’s (NASDAQ:$ALXN) share prices have risen more than 2% unexpectedly late Tuesday afternoon. The raise in price is largely in thanks to the company’s announcement of hiring Paul J. Clancy, former chief financial officer (CFO) of Biogen Inc. (NASDAQ:$BIIB), to be Alexion’s new CFO. Alexion informed the public in a statement that Clancy will begin as Alexion’s CFO on July 31, 2017 after serving as Biogen’s CFO for nearly a decade.
Clancy will take over Alexion’s current CFO, Dave Anderson. Anderson will continue to be Alexion’s CFO until July 31. The company also stated that, in order to ensure a smooth transition between the CFOs, Anderson will serve as Clancy’s Senior Advisor before officially leaving the company at the end of August.
While Alexion’s stock soared with the news, Biogen’s stock fell about 1.8% after it was announced that Clancy will be leaving the company. Investors in Biogen shouldn’t be too worried, however, as it is typical for stocks to react this way whenever a loyal executive leaves a company.
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