- After about a year in the position
- Praise for Sidhu
- Robert Lisicki taking over
- Sidhu spoke at length and said 194 words
(exechange) — Henderson, Nevada, March 28, 2024 — Someit Sidhu, chief executive of Zura Bio, leaves his position. As announced by Zura Bio Ltd. in a news release and in a regulatory filing published on Thursday, March 28, 2024, Someit Sidhu leaves his post as chief executive officer at the clinical-stage immunology company, after about a year in the role, effective April 8, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Someit Sidhu’s duties as CEO will be taken over by Robert Lisicki, currently President and Chief Operating Officer at Zura Bio Ltd.
It is a reverse generational change. Robert Lisicki is about 23 years older than Someit Sidhu.
“Expertise in drug development and commercial operations”
Zura Bio did not give an explicit reason for Someit Sidhu’s departure from the CEO post. Sidhu stated: “Robert brings a wealth of industry leadership experience complemented by expertise in drug development and commercial operations. With his proven track record of excellence, he is the right individual to lead Zura Bio as our lead asset enters Phase 2 development.”
Precise information regarding Someit Sidhu’s future plans was not immediately available.
“Transition”
Zura Bio said: “The Company has also announced the appointment of Robert Lisicki as Chief Executive Officer …, effective April 8, 2024, succeeding its Founding CEO, Someit Sidhu, M.D. Dr. Sidhu will continue to serve Zura Bio as a non-independent Board Director.”
Zura Bio further said: “On March 24, 2024, the board of directors of ZURA … approved a Chief Executive Officer … transition from Someit Sidhu, our Founder, CEO and Director, to Robert Lisicki, effective April 8, 2024.”
“Not as a result of any disagreement”
Zura Bio further stated in its annual report published on March 28, 2024: “Someit Sidhu, our Founder, Chief Executive Officer and Director, will resign from his position as the Chief Executive Officer on April 8, 2024, not as a result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.”
Share price decline since April 2023
The announcement follows a decline in Zura Bio Ltd.’s share price of 84% since April 2023.
In the position of CEO since 2023
Someit Sidhu became CEO of the Company in 2023.
Someit Sidhu has served as a Founder, Chief Executive Officer and Director since March 2023.
He will resign from his position as Chief Executive Officer on April 8, 2024 (he will continue to serve as a director).
He is the Co-Founder and has been the CEO of Akaza Bioscience since 2019 and the CEO of Izana Bioscience since 2017 as well as the Co-Founder of Pathios Therapeutics.
Since July 2021, Sidhu has served as the Chairman and Chief Executive Officer of JATT Acquisition Corp. Sidhu has broad expertise covering various topics in the life sciences industry.
Prior to these companies, he advised many large international pharmaceutical companies as a management consultant at McKinsey & Co, where he primarily focused on Pharmaceutical R&D and Portfolio Strategy.
Sidhu gained medical experience during his time in Cardiology and General Surgery after graduating from the Oxford Medical School.
194 words by Someit Sidhu
In the release announcing his departure as CEO of Zura Bio Ltd., Someit Sidhu received praise.
In announcing his departure, Someit Sidhu spoke at length and said 194 words.
“Effective management of our development and manufacturing partners”
Someit Sidhu stated: “Throughout 2023, Zura Bio achieved significant milestones by successfully listing on Nasdaq, broadening our portfolio of differentiated clinical-stage immunology and inflammation assets, and building our management team. These accomplishments have firmly established a robust operational framework for our business that is underpinned by a cash runway expected to fund operations into 2026. We remain focused on initiating a Phase 2 clinical trial evaluating our lead asset, tibulizumab, in systemic sclerosis in the second half of 2024. This involves effective management of our development and manufacturing partners, the thoughtful selection of a contract research organization, and communications with regulatory authorities. Concurrently, we’re advancing ZB-168 and torudokimab towards Phase 2 readiness while closely monitoring external readouts expected in 2024… On behalf of the Management Team and Board, I am pleased to welcome Robert as the Chief Executive Officer. Robert brings a wealth of industry leadership experience complemented by expertise in drug development and commercial operations. With his proven track record of excellence, he is the right individual to lead Zura Bio as our lead asset enters Phase 2 development. I will work closely with Robert to transition CEO responsibilities and remain actively involved as a Director.”
The above text is an excerpt from the exechange report 14.2024 ($), publication date April 1, 2024.