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

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Market News

Multi-ethnic people looking at a camera in a public place and screaming, shouting, and feeling overjoyed.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a volatile but positive Tuesday.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Market News

Why I'd buy DroneShield and these ASX 200 shares next month

These ASX shares offer a mix of growth, resilience, and long-term opportunity.

Read more »

A kid and his grandad high five after a fun game of basketball.
52-Week Highs

Telstra just hit a 10-year high. Has this ASX income giant still got more to give?

Telstra’s breakout to a multi-year high is turning heads.

Read more »

An arrow going upwards with a road sign saying 'IPO ahead'.
IPOs

I won't be buying the Koala stock IPO. Here's why

Koala is the latest company to go public on the ASX.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why 4DMedical, New Hope, Santos, and St George Mining shares are dropping today

These shares are under pressure on Tuesday. But why?

Read more »

A woman holds her finger to the side of her face and looks upwards as she thinks about something.
Broker Notes

4 ASX shares at 52-week lows: Buy, hold, or sell?

Here's what the experts think.

Read more »

A woman is excited as she reads the latest rumour on her phone.
Share Fallers

These 3 dirt-cheap ASX shares are tipped to climb another 50-90%

These shares are now trading at super low prices.

Read more »

A female athlete in green spandex leaps from one cliff edge to another representing 3 ASX shares that are destined to rise and be great
Broker Notes

Up 57% since February, why Telix shares could keep leaping higher in 2026

A leading analyst believes investors are undervaluing Telix shares. But why?

Read more »