Orexo appoints Joseph DeFeo as CFO
Swedish pharmaceuticals firm Orexo has appointed Joseph DeFeo as its new CFO, effective November 1. He succeeds Henrik Juuel, who moves on to take a similar role at Danish biotechnology company Bavarian Nordic.
The appointment transfers responsibilities for investor relations from the CFO to Johannes Doll, who is currently Orexo’s executive vice president and head of corporate development.
Formerly the head of finance and operations at Orexo, DeFeo is located in the US. Before joining the company, he worked in several senior finance positions and helped establish the US operations for several large pharmaceutical companies based in Europe.
One of Orexo’s key areas of focus is opioid addiction and shares in the company rose by 30.9 percent in September this year after the US Court of Appeals for the Federal Circuit reopened the company’s intellectual property lawsuit against Israel’s Teva Pharmaceutical Industries for infringing its patent of the opioid addiction drug Zubsolv.
Orexo will host a capital markets day event for investors, analysts and the media in Stockholm, Sweden on December 6, 2018. Expected as a keynote speaker at the event is New Jersey governor Chris Christie, who during his second term chaired President Donald Trump’s commission on combating drug addiction and the opioid crisis in the US.
Nikolaj Sørensen, president and CEO of Orexo, says the company is ‘increasingly dependent on [its] US operations’ and generates a majority of its revenues and profits in the country. ‘Appointing a CFO, based in the US and with deep knowledge of the US market, further strengthens our presence and insight into the key market,’ he says.