Pfizer Announces Executive Leadership for the Combined Allergan and PfizerBy
Pfizer has announced the executive leadership team for the combined Pfizer and Allergan following the close of the proposed $160 billion combination of the two companies, which is expected to close in the second half of 2016. The deal is subject to certain closing conditions, including: receipt of regulatory approval in certain jurisdictions, including the United States and European Union; the receipt of necessary approvals from both Pfizer and Allergan shareholders; and the completion of Allergan's pending divestiture of its generics business to Teva Pharmaceuticals Industries Ltd.
Pfizer and Allergan will continue to operate as two separate companies until the close of the transaction, but following the closing, Brent Saunders, now President and Chief Executive Officer of Allergan, will become President and Chief Operating Officer of the combined company with responsibility for the oversight of Pfizer and Allergan's combined commercial businesses, manufacturing, and strategy functions.
Effective immediately and through the closing of the transaction Pfizer's Global Innovative Pharma (GIP) business and its Vaccines, Oncology and Consumer (VOC) business will operate separately under the leadership of Albert Bourla, currently Group President, VOC. Upon the closing of the transaction, the Vaccines and Oncology businesses will be combined with the GIP business, and Albert Bourla will become Group President, Global Innovative Pharma, leading all of these businesses.
In addition, following the close of the transaction, the combined company will create a new operating segment named Global Specialty and Consumer Brands that will include Pfizer's Consumer Healthcare unit and Allergan's ophthalmology and aesthetics businesses, and Botox Therapeutic and Cosmetic. Bill Meury, currently Executive Vice President and President, Branded Pharma at Allergan, will become Group President, Global Specialty and Consumer Brands, Pfizer.
After the close of the proposed transaction, Pfizer will continue to manage the combined company's commercial operations through two distinct businesses: an Innovative Products business and an Established Products business. The Innovative Products business will be composed of two operating segments: the Global Innovative Pharmaceutical and the Global Specialty and Consumer Brands segment. The Established Products business will continue to be led by John Young, and consist of the Global Established Pharmaceutical segment, including all legacy Hospira commercial operations.
Upon the close of the transaction, the following executives will be members of the company's executive leadership team, reporting to Brent Saunders:
-Albert Bourla, Group President, Global Innovative Pharma;
-Tony Maddaluna, Executive Vice President, President Pfizer Global Supply;
-Bill Meury, Group President, Global Specialty and Consumer Brands;
-Laurie Olson, Executive Vice President, Strategy, Portfolio and Commercial Operations;
-John Young, Group President, Global Established Pharma;
The following Pfizer executives are continuing in their roles reporting to Ian Read, Pfizer Chairman and Chief Executive Officer:
-Frank D'Amelio â€“ Executive Vice President, Business Operations and Chief Financial Officer;
-Mikael Dolsten â€“ President, Worldwide Research and Development;
-Chuck Hill â€“ Executive Vice President, Worldwide Human Resources;
-Rady Johnson â€“ Executive Vice President, Chief Compliance and Risk Officer;
-Doug Lankler â€“ Executive Vice President, General Counsel;
-Freda Lewis-Hall â€“ Executive Vice President, Chief Medical Officer;
-Sally Susman â€“ Executive Vice President, Corporate Affairs;
Pfizer also announced that Geno Germano, Group President, Global Innovative Pharma Business, will be leaving the company.
“We are creating an executive team that has deep industry knowledge, a proven track record of success and an unwavering commitment to the patients we serve. I look forward to working with these outstanding leaders to achieve the full potential of this combination and fulfill our mission of becoming the premier biopharmaceutical company in our industry,” said Ian Read, Chairman and Chief Executive Officer of Pfizer, in a company statement. “We are designing the combined company to preserve and enhance our option to potentially separate the innovative and established businesses into separate companies in the future, and continue to expect to make a decision about any potential separation by no later than the end of 2018.”