Shield Therapeutics - Greg Madison succeeds Tim Watts as CEO

Shield Therapeutics (STX) has announced the appointment of a new chief executive officer (CEO), Greg Madison, with effect from 1 June 2021. Greg is a seasoned CEO with previous experience of the US iron deficiency market. Notably, he led the transformation of Keryx Biopharmaceuticals (2015–18) into a US commercial stage company focused on Auryxia (ferric citrate), an oral product for the treatment of iron deficiency anaemia and hyperphosphatemia. Given the primary focus for STX now is to establish and expand its US-based operations ahead of a Q221 launch of lead asset Accrufer (oral ferric maltol), the appointment of a US-based CEO makes sense in our view. Our valuation of STX is unchanged at £505.7m or 234p/share.