Roche's CEO, Pascal Soriot, is to move into the top spot at rival pharmaceutical giant AstraZeneca.

Soriot steps into the role in October, replacing former CEO David Brennan, who left the drugs company in May following a drop in sales.

A French national, Soriot has been at Roche since 2010. Prior to that he was CEO of Genentech, where he was credited with leading the successful merger between the San Francisco-based biologics business and Roche.

Simon Lowth, who stepped up as interim CEO, will resume the position of chief financial officer on Soriot's arrival despite at one stage being considered as a potentially permanent successor to Brennan.

Speaking on the task that lies ahead at his new employers, Soriot said: 'No-one is blind to the challenges that confront the pharmaceutical sector and this company, but the underlying strengths of AstraZeneca in delivering on its strategy are clear. AstraZeneca will continue to make a positive difference to patients over the longer term and I'm looking forward to playing my part in shaping that future.'