With Sanofi Pasteur deciding to put in place a structural management for Hyderabad-based Shantha Biotech, a part of the French global vaccine major, its founder K I Varaprasad Reddy would now be the face of the company and deal with various international agencies, including World Health Organisation (WHO), US FDA and governments, in his new role as chairman.
Sanofi on Monday said Reddy had accepted to continue providing strategic guidance to the company as chairman of the board and non executive director, keeping with the long-term strategy, post acquisition. The company has appointed Harish Iyer as CEO of Shantha in his place effective today.
“Since the company wanted to create a structural management, I volunteered to retire as managing director. Being an entrepreneur, I belong to a different league,” Reddy told Business Standard while stating that he had accepted Sanofi's request to be the chairman as he would like to use his goodwill for furthering the cause of affordable vaccination as well as the growth of the company.
While the new CEO would look after the day-to-day affairs of the company, Reddy would deal with international agencies and government to ensure Shantha Biotech’s affordable and innovative vaccine initiatives reach the people across the world.
Shantha, which shot to fame after indigenously developing the genetically engineered hepatitis-B vaccine in 1997, had subsequently launched a dozen vaccine products. Reddy said Shantha was singularly responsible for fall in vaccine prices by 40 times across the world besides generating awareness among people on the importance of vaccination.
Sanofi surpassed its rival GSK in vaccine manufacturing after it acquired Shantha Biotech in 2009. Varaprasad Reddy, a first generation entrepreneur, had started Shantha in 1993. “I would like to thank Dr Reddy for accepting his new position... Through his vision, passion and dynamic entrepreneurial spirit, he has been paramount in both founding and growing Shantha,” Olivier Charmeil, president and CEO of Sanofi Pasteur, the vaccine division of Sanofi, said in a press release.