Amag Pharmaceuticals’ CEO To Step Down; Conducts Strategic Review
Amag Pharmaceuticals, a pharmaceutical company specializing in women’s health, reports that its President and Chief Executive Officer (CEO), William Heiden, plans to step down. He will remain in his role as President and CEO until a successor is appointed. The company’s Board of Directors has initiated a search for his successor.
The company recently completed a review of its product portfolio and strategy and engaged Goldman Sachs and Co. as its financial advisor to assist in the review. As part of that review, the company says it plans to divest Intrarosa (prasterone), a steroid for treating moderate-to-severe dyspareunia, and Vyleesi (bremelanotide) for treating premenopausal women with hypoactive sexual desire disorder and which was approved by the US Food and Drug Administration last year (2019). The company says it has received preliminary expressions of interest to acquire/sub-license the rights to these products.
With these product divestitures and related reductions in operating expenses as well as expected continued growth of Feraheme (ferumoxytol injection), a drug for treating iron- deficiency anemia, Amag says its 2020 financial guidance indicates a return to positive adjusted earnings.
In addition to the announced CEO transition, Chief Financial Officer Ted Myles will assume the additional role of Chief Operating Officer, effective immediately, expanding his responsibilities to include technical operations, global supply chain and quality. General Counsel Joseph Vittiglio will assume the additional role of Chief Business Officer, focusing on managing the divestiture of Intrarosa and Vyleesi and out-licensing opportunities in ex-US territories, primarily for Amag’s development-stage programs.
Source: Amag Pharmaceuticals