TiGenix CEO Eduardo Bravo Resigns; Takeda's Sebastian Wehle To Succeed

(RTTNews) - Belgium -based TiGenix NV (TIG), which is in deal to be bought by Takeda Pharmaceutical Company Limited (TKPYY.PK), announced Wednesday that Eduardo Bravo will depart the board of directors and his role as CEO of TiGenix effective as of June 15.

Bravo will be succeeded as a board member by Sebastian Wehle, a senior Director at Takeda, following the successful result of the first acceptance period of Takeda's takeover bid.

Wehle will also be in charge of the daily management of TiGenix together with Claudia D'Augusta, CFO of TiGenix, who was granted powers of daily management with a view to ensuring the smooth integration of TiGenix's operations into Takeda, to the extent legally permitted.

The appointment of Wehle is effective immediately, subject to confirmation by the next shareholders' meeting of TiGenix.

Consequently, the services agreement between TiGenix and Bravo will be terminated effective as of June 15.

Wehle is currently leading the Alofisel manufacturing and supply activities for Takeda. He joined Takeda in 2012 as Production Director.

Jean Stéphenne, Chairman of TiGenix's board of directors, said, "Working closely with the management team and the board of directors, Eduardo guided TiGenix over the past 13 years into a position of considerable strength within the cell therapy space.... That strength was recognized in Takeda's partnership and bid for TiGenix. With the conditions for the bid now satisfied, it is an appropriate time for Eduardo to depart."