Global Briefs: Pfizer, Kenvue, Novo Nordisk & More
A roundup of news from Pfizer, Kenvue, Novo Nordisk/Alkermes, Incyte/Escient Pharmaceuticals and Evotec. Highlights below.
Restructuring News
* Kenvue, J&J Consumer Healthcare Spinout, Announces Restructuring
Mfg News
* Novo Nordisk Completes $91-M Acquisition of Mfg Facility From Alkermes
M&A News
* Incyte To Acquire Escient Pharmaceuticals for $750 M
Appointments
* Pfizer Names New Chief Strategy and Innovation Officer
* Evotec Names New CEO
Restructuring News
Kenvue, J&J Consumer Healthcare Spinout, Announces Restructuring
Kenvue, the former Consumer Healthcare Division of Johnson & Johnson, which was spun off as a separate company in August 2023, has announced a plan to reduce its global workforce as part of an ongoing company restructuring plan. The company’s Board of Directors approved an initiative earlier this month (May 2024), which anticipates a net reduction of its current global workforce of approximately 4% and ongoing annualized pre-tax gross cost savings of approximately $350 million that will be fully realized in 2026, of which a portion will be reinvested back into the company’s brands to fuel growth. To achieve these savings, the company expects to incur approximately $275 million of pre-tax restructuring costs in each of fiscal year 2024 and fiscal year 2025. The news comes as the company completes a transition service agreement with J&J to provide certain services to J&J for varying durations.
Source: Kenvue
Mfg News
Novo Nordisk Completes $91-M Acquisition of Mfg Facility From Alkermes
Novo Nordisk and Alkermes, a Dublin, Ireland-based bio/pharmaceutical company, have completed Novo Nordisk’s $91-million purchase of Alkermes’ development and manufacturing facility in Athlone, Ireland.
Alkermes and Novo Nordisk also entered subcontracting arrangements to continue certain development and manufacturing activities currently performed at the facility for a period of time after closing of the transaction, which may continue through the end of 2025. Alkermes will continue to retain all royalty revenues associated with products currently manufactured at the facility.
Under the agreement, Alkermes will receive a one-time cash payment for the facility and certain related assets of approximately $91 million.
Source: Alkermes
M&A News
Incyte To Acquire Escient Pharmaceuticals for $750 M
Incyte, a Wilmington, Delaware-based bio/pharmaceutical company developing small-molecule therapeutics for systemic immune and neuro-immune disorders, has agreed to acquire Escient Pharmaceuticals, a San Diego, California-based bio/pharmaceutical company, for $750 million.
Escient’s lead pipeline drug is EP262, a drug for treating multiple mast cell-mediated diseases, including atopic dermatitis (i.e., eczema), chronic inducible urticaria (a common inflammatory skin condition), and chronic spontaneous urticaria (i.e., hives).
Under the agreement, Incyte will acquire Escient and its assets for $750 million plus Escient’s net cash remaining at the close of the transaction, subject to customary adjustments. The acquisition is subject to clearance under the Hart-Scott-Rodino Act, among other customary conditions, and will become effective promptly following the satisfaction or waiver of these conditions which is currently anticipated to be by the third quarter of 2024.
Source: Incyte
Appointments
Pfizer Names New Chief Strategy and Innovation Officer
Pfizer has named Andrew Baum, M.D., as Chief Strategy and Innovation Officer, Executive Vice President. Dr. Baum will be a member of Pfizer’s Executive Leadership Team reporting to Chairman and Chief Executive Officer, Dr. Albert Bourla. He joins the company from Citi, where he served as Head of Global Healthcare, Managing Director Equity Research. Prior to joining Citi in 2011, Dr. Baum covered European Pharmaceuticals at Morgan Stanley for 14 years and earlier in his career was a practicing physician at the Royal National Orthopedic Radcliffe Hospital in Oxford, UK, where he completed his residency.
Dr. Baum will be responsible for portfolio analysis and prioritization functions, business development activities, strengthening partnerships with the biotech ecosystem, and the commercial evaluation of the research pipeline. In his role, he will also Chair Pfizer’s Portfolio Management Team responsible for capital deployment across the company’s research and development pipeline. Dr. Baum will begin his role at Pfizer on June 3, 2024, succeeding Aamir Malik, who recently moved into a new role at Pfizer as Chief US Commercial Officer, Executive Vice President.
Source: Pfizer
Evotec Names New CEO
Evotec has appointed Dr. Christian teWojczewski, recently CEO of Mediq, a healthcare company, as the company’s new Chief Executive Officer following the retirement of Dr. Mario Polywka, effective July 1, 2024.
Dr. Polywka, who has led Evotec as Interim CEO since January 3, 2024, will retire from his position at the end of June and will also not seek re-election for his dormant Supervisory Board mandate, which expires with the company’s 2024 Annual General Meeting.
Dr. Wojczewski holds a degree in chemistry and has over 20 years of experience in various management positions, most recently as CEO of Mediq and at Linde Healthcare.
Source: Evotec
