Here's why Medical Developments (ASX: MVP) share price has soared 12% today

The Medical Developments share price has rocketed 11.8% today after the company announced a new executive lineup

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The Medical Developments International Ltd (ASX: MVP) share price has surged 11.83% to $5.86 at the time of writing, after coming out of a trading halt this morning.

Medical Developments had asked for a trading halt ahead of today's announcement of significant personnel changes. 

row of piggy banks with large one receiving injection representing rising Immutep share price

Image source: Getty Images

What did the company announce?

The company announced the appointment of Brent McGregor as the new chief executive officer. Mr McGregor previously worked for CSL Limited (ASX: CSL) subsidiary Seqirus, which was formed from CSL's acquisition of the Novartis influenza vaccine. 

Seqirus had a turnover of around $700 million and was loss-making in 2015 when Mr McGregor joined the company. By 2019, Seqirus had a turnover of $1.2 billion and EBIT of around $150 million. According to Medical Developments, Mr McGregor was central to the Seqirus globalisation and was focused on research and development, and cost management.

Previously, Mr McGregor held senior executive roles at Novartis after working in leadership roles for Sanofi Pastuer, where he had a 16-year career. Mr McGregor will take the reins as Medical Developments CEO from 1 November 2020. 

The company also appointed a new non-executive director, Gordon Naylor. Mr Naylor also previously worked for CSL, clocking up 30 years with the company. He held leadership positions including CFO and later president of Seqirus.

Medical Developments chair David Williams said the fact that Mr McGregor and Mr Naylor had previously worked closely together at Seqirus was an added benefit for the company.

About the Medical Developments share price

Medical Developments is a pharmaceutical company that specialises in emergency pain relief and asthma medication. The company has been listed on the ASX since 2003.

 In the year to 30 June 2020, Medical Developments had record revenue of $23.6 million. The company had earnings per share of .58 cents in FY2020.

The Medical Developments share price is up 51.60% since its 52-week low of $3.76. However, it is down 36.67% since the beginning of the year. The Medical Developments share price is up 16.80% since this time last year.

Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and Medical Developments International Limited. The Motley Fool Australia has recommended Medical Developments International Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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