Lundbeck says it will be electing a new chairman after its annual general meeting on March 21 where former chief executive of Nycomed, Hakan Bjorklund, will take over from Mats Pettersson.

Mr Pettersson, member of Lundbeck's board of directors since 2003 and chairman since 2011, has announced that he will not be seeking re-election. He said the company is "well-prepared to face the future, building on its strong platform for long-term growth, and I have decided that this was the right time to pass the baton to a new board member and chairman”.

Mr Bjorklund, who left Nycomed in 2011 after overseeing the sale of the company to Takeda, has been on the Lundbeck board for two years. He says the company “holds a unique and strong position in the development of pharmaceuticals for the treatment of brain disorders, which is one of the greatest health challenges of the 21st century".