ObsEva Shares Drop on Reorganization, Expected Delisting

Dow Jones2023-02-24

By Dean Seal

Shares of ObsEva SA fell 17%, to 14 cents, in premarket trading after the company announced the departures of several executives and said it expects to be delisted from the Nasdaq.

The biopharmaceutical company said on Friday morning that it is consolidating operations in Switzerland and downsizing its U.S.-based executive-management team. The reorganization involves Chief Executive Brian O'Callaghan stepping down and being replaced on an interim basis by Chief Financial Officer Will Brown.

The company's chief commercial officer, chief clinical officer and chief transformation officer have also departed, ObsEva said, adding that it plans to reduce the size of its board of directors at its next annual meeting.

The reorganization is expected to net annual compensation savings of about $3.5 million.

ObsEva is also retiring $6.5 million of debt tied to funds and accounts managed by JGB Management Inc.

The company said it expects to be delisted from the Nasdaq and is planning to deregister from the U.S. Securities and Exchange Commission.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 24, 2023 07:56 ET (12:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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