Pfizer, Allergan announce reorg structure if deal approved

NEW YORK - Pfizer on Monday named the executive leadership team for the combined Pfizer and Allergan business following the close of the proposed transaction.

 

“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," stated Ian Read, chairman and CEO Pfizer. "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,” he said. “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.”

 

As previously announced, following the closing, Brent Saunders will become president and COO 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 business and its Vaccines, Oncology and Consumer 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 EVP 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.

 

Pfizer also announced that Geno Germano, group president, Global Innovative Pharma Business, will be leaving the company.

 

“We thank Geno for his many contributions to Pfizer’s business over the past seven years,” Read said. “Under Geno’s leadership we have laid the foundation for the growth potential of our vaccines and oncology businesses, strengthened our in-line portfolio with products like Enbrel, Xeljanz and Eliquis and improved our innovative late-stage pipeline with programs like bococizumab and tanezumab.”

 

Pfizer and Allergan will continue to operate as two separate companies until the close of the transaction, which is expected in the second half of 2016, and is subject to certain 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.