Actavis plc announced a new senior management team that will lead the global
pharmaceutical company following the successful close of the acquisition of
Allergan, Inc., anticipated in the second quarter of 2015. Brent Saunders
will continue to lead Actavis as CEO and President and a member of the Board of
Directors. Paul Bisaro will remain Executive Chairman of the Board of
Directors. Allergan’s CEO David Pyot, will walk away with a $34,955,619 golden parachute. Mr. Saunders will lead an expanded senior management team comprised of leaders from both Actavis and Allergan, designed to further enhance the Company's position as the fastest growing and most dynamic growth pharmaceutical company in global healthcare.
"We
are committed to realizing the full potential of the historic combination of
Actavis and Allergan beginning on Day 1, and announcing the proposed leadership
of the combined company is a critical step in achieving that objective,"
said Saunders. "The management structure we are announcing today
will ensure that we capitalize on the value of Allergan's world-renowned
businesses and the proven track record of the leaders of its powerful and
critically important franchises. I am particularly pleased to announce
that following the close Douglas Ingram, President, Allergan, will continue as
a Special Advisor to me. The combined company will benefit from Doug's
experience and expertise as we unite the two businesses, and help us ensure
that we integrate the two companies while recognizing and capitalizing on
Allergan's unique product portfolio and market leadership positions. In this
structure we demonstrate our commitment to combine the 'best of the best'
talent from both organizations.
"At
close, this combined leadership will ensure that the new company capitalizes on
our expanded global commercial footprint, maintains our continued dominance as
a world leader in generics and that we elevate our commitment to brand
innovation and development by making brand R&D directly report to the CEO
level.
"Although
we are acting rapidly in announcing these appointments, we are making them
following extensive discussions with David Pyott, Chairman and CEO of Allergan,
and his executive leadership team. We believe that by announcing the
proposed structure of the combined organization our shareholders, customers and
employee teams will better appreciate our commitment to create the most dynamic
company in Growth Pharma and will share our confidence in seamless execution of
this combination beginning on Day 1," Saunders added.
The Company
noted that it anticipates continuing to define the subsequent management levels
within the global organization as rapidly as possible between now and the close
of the acquisition.
Commercial Business Structured for Global Success
To support
continued momentum across the broader, brand product portfolio, Actavis
announced that, following the close of the acquisition, its global brand sales
and marketing will be structured into three organizations: International
Brands, Branded Pharma and Allergan Medical. Paul Navarre, Allergan
Corporate Vice President and President Europe, Africa and the Middle East, will
become Executive Vice President Actavis, and President, International Brands.
William Meury, Actavis Executive Vice President for North American Brands
will become Executive Vice President Actavis, and President, Branded Pharma with
responsibility for Eye Care, Neurosciences, Gastroenterology, Urology, Women's
Health and other Specialty brand portfolios. Philippe Schaison, Allergan
Corporate Vice President, President Allergan Medical, will become Executive
Vice President Actavis, President Allergan Medical, which will include Facial
Aesthetics, Medical Dermatology, Plastic Surgery and SkinMedica. These
individuals will report directly to Mr. Saunders.
"Our
combined Company will have commercial operations in more than 100 countries,
and a more complex combined portfolio of brand products," noted Saunders.
"With Paul, Bill and Philippe, we will have the strongest and most
dynamic commercial leadership team in the industry, ensuring that we retain the
intellectual firepower that has driven Allergan's commercial success, while
retaining a laser-like focus on continuing to drive strong growth among our
existing portfolio."
Brand R&D to Report to Mr. Saunders
With a
commitment to invest more than $1 billion in brand product development, the
Company announced that brand pharmaceutical R&D for the combined company at
close will be led by Actavis' C. David Nicholson, PhD, Senior Vice President,
Global Brand R&D in the role of Executive Vice President, Branded R&D. Dr.
Nicholson will report directly to Mr. Saunders.
"David's
exceptional track record spanning more than 30 years in the pharmaceutical
industry includes expertise in the development of a diverse portfolio of
products including treatments in women's health, psychiatry, cardiovascular,
anesthesiology, immunology and biological products," said Saunders.
"We will look to David's leadership to capitalize on Allergan's
R&D expertise by retaining its industry-leading talent, and combining it
with the therapeutic category expertise of his Actavis team, to maintain
momentum across development activities supporting the expanded Actavis and
Allergan development portfolio."
The combined
company is expected to have more than two dozen mid- and near-term products in
development, and will maintain a focus on the strategic development of
innovative and durable value-enhancing brand products. The Company is
committed to maintaining Allergan's research and development expertise in its
therapeutic categories, which is additive to Actavis, and reiterated that it
intends to maintain a strong commitment to R&D activities at Allergan's
Irvine, California location and continued investment in its development
portfolio.
Generics and Global Operations to be led by Robert Stewart
To ensure
continued strength of its industry-leading global generics business, Actavis
announced that Robert Stewart, currently Actavis' Chief Operating Officer, will
become Executive Vice President Actavis, and President, Generics and Global
Operations. He will report directly to Mr. Saunders.
"By
aligning generic sales and marketing, generic research and development and
global operations under Bob, we will ensure that these critical functions
continue to operate together with the strength and fluidity that has driven our
generics business to the world-leading position in which it stands today,"
said Saunders. "Under this nimble structure, we will maintain our
exceptional responsiveness to changing commercial needs, allowing us to
maximize market opportunities and continue to drive strong performance within
the business."
Proposed Senior Management Organization for Global Functions
To support
the larger and more complex company, Actavis announced the senior management
team for its Global Functions, which will report to Mr. Saunders. Maria
Teresa (Tessa) Hilado will serve as EVP, Chief Financial Officer for the
combined company. Robert Bailey will serve as EVP, Chief Legal Officer and
Corporate Secretary. Karen Ling, will serve as EVP, Chief Human Resources
Officer; Charlie Mayr will serve as EVP, Chief Communications Officer; Sigurd
Kirk will serve as EVP, Corporate Business Development and Jonathan Kellerman
will serve as EVP and Global Chief Compliance Officer. These positions
will report directly to Mr. Saunders.
Finally, the
Company announced that Alex Kelly, Actavis Senior Vice President and Chief
Integration Officer; and Sanjiv Patel, Allergan Corporate Vice President,
Global Strategic Marketing & Global Health Outcomes Strategy and Research,
will share jointly in the responsibility for Pre-Integration Planning.
Mr. Patel will also continue in his current role leading the Allergan
Global Strategic Marketing and Global Health Outcomes Research and Strategy
organization. As Pre-Integration planning continues the Company will focus on
how to best align these groups into a larger organization to provide a vital
link between the combined company's global brand product development and
commercialization activities to optimize its impact. Both Mr. Kelly and
Mr. Patel will report to Mr. Saunders.