Niche drug specialist Shire on Thursday announced the retirement of company veteran and chief executive Angus Russell and said Bayer executive Flemming Ornskov would succeed him to oversee the next stage of the company’s growth.

Analysts said Russell, chief executive for the past five years in a 13-year stint at Shire, was leaving the company in a very strong position and with robust underlying growth.

The announcement came as Shire missed third-quarter expectations by reporting non-GAAP diluted earnings per American depositary share of $1.36, up 6 per cent, on revenue of $1.1 billion, up 1 per cent.

London-listed Shire has expanded by acquiring drugs already on the market or in late-stage development rather than investing in original research, a strategy that has delivered much faster growth than its big pharma rivals. Russell said Shire had thrived by targeting niche areas, where it could build close relationships with patients, doctors, policymakers and payers. – Reuters