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Revolut Names Former SocGen CEO Frederic Oudea as Chairman of Western Europe

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Revolut has appointed Frederic Oudea, the former CEO of Societe Generale (SOGN.PA), as chairman of its Western Europe hub in Paris, strengthening its leadership team as it prepares to apply for a French banking licence. Oudea, who also serves as chairman of Sanofi, brings significant credibility to the London-based fintech as it accelerates expansion in the region.

The move comes after Revolut announced plans in May to invest €1 billion ($1.2 billion) over the next three years to grow its presence in France, including opening a new Paris office to oversee Western Europe operations. The company, which has more than 60 million customers worldwide but no physical branches, is Europe’s largest fintech challenger bank.

Revolut recently launched a share sale valuing the company at $75 billion, up from $45 billion in August 2024. It secured a restricted UK banking licence in 2024 after a lengthy three-year process and plans to begin operations as a UK bank this year. The company also holds a Lithuanian banking licence, which allows it to sell products across the EU. Gaining a second licence in France would help Revolut build closer ties with regulators and tailor services more specifically for French customers.

The fintech is also reported to be exploring the purchase of a U.S. lender to obtain an American banking licence, though it has declined to comment on those reports. Oudea’s appointment follows a broader trend of established banking executives moving into digital finance. In August, N26 appointed Andreas Dombret, a former Bundesbank board member, as chair of its supervisory board.

Teva and Sanofi’s IBD Drug Achieves Primary Targets in Phase 2 Study

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Israel’s Teva Pharmaceutical Industries and French drugmaker Sanofi announced that their jointly developed drug for treating ulcerative colitis and Crohn’s disease has successfully met its primary goals in a Phase 2b clinical trial.

The drug, named duvakitug, demonstrated strong efficacy across patient subgroups. In the 14-week trial, 36.2% of patients receiving the low dose and 47.8% receiving the high dose achieved clinical remission, compared to 20.45% of those on a placebo. The study, conducted across the U.S., Europe, and Israel, marks the first randomized, placebo-controlled trial to assess a TL1A antibody treatment for Crohn’s disease.

Promising Results and Market Potential

Eric Hughes, Teva’s head of global R&D, said, “The results from the study have exceeded our expectations.” Similarly, Houman Ashrafian, Sanofi’s head of R&D, highlighted duvakitug’s potential as a transformative treatment: “If the magnitude of effect persists in the Phase 3 program, we believe we will have a differentiated medicine for IBD patients who are in urgent need of new options.”

The drug was generally well-tolerated, with no safety signals identified in patients with both ulcerative colitis and Crohn’s disease. Full results of the study will be presented at a scientific forum in 2025.

Next Steps: Phase 3 Development

Teva and Sanofi plan to move forward with Phase 3 development of duvakitug, pending discussions with regulatory authorities. Both companies noted that inflammatory bowel disease (IBD) currently has no cure, underscoring the urgent need for innovative treatments.

Under the partnership agreement, Teva received a $500 million upfront payment from Sanofi and stands to earn up to $1 billion in development and launch milestones. The companies will equally share development costs and split net profits and losses in major markets.

Commercialization Strategy

Sanofi will take the lead on commercialization in North America, Japan, Asia, and other global regions, while Teva will oversee the European, Israeli, and selected markets.

Market Reaction and Investor Sentiment

Following the announcement, U.S.-listed shares of Teva surged 19%, while Sanofi’s shares climbed 4% in early trading. Analysts, including Jefferies’ Glen Santangelo, said the positive trial results will ease investor concerns that had weighed on Teva’s shares after its third-quarter performance.

Both companies remain optimistic that duvakitug could become a blockbuster drug, generating annual sales exceeding $1 billion, and offering new hope to millions of patients suffering from ulcerative colitis and Crohn’s disease worldwide.