Drugmaker Hikma Appoints Former Teva Executive as CEO

Hikma Pharmaceuticals PLC has appointed Sigurdur Olafsson, a former Teva Pharmaceutical Industries Ltd. executive, as chief executive, the London-headquartered company announced Tuesday.

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Founded in Jordan in 1978, Hikma is a drug company focused on generics and branded and non-branded generic and in-licensed products. The company operates in the Middle East, the U.S. and Europe.

The new appointment comes as Hikma continues its efforts to bolster the performance of its generic drugs unit.

As part of the reshuffling of Hikma’s leadership, long-time CEO Said Darwazah will move into the role of executive chairman, overseeing Mr. Olafsson.

Mr. Olafsson directed Teva’s global generic division from 2014-2016, during which time he led Teva’s ill-fated acquisition of Actavis, the generics unit of Allergen, for $40.5 billion. He unexpectedly resigned from Teva in the weeks following the deal.

Born in Iceland, Mr. Olafsson has more than 25 years of experience in the pharmaceutical industry.

“He brings a wealth of pharmaceutical and leadership experience and we are confident that his deep sector knowledge, paired with his proven ability to drive growth, will help us achieve our ambitions for the business,” Mr. Darwazah said in a statement.