Amylin elects new chairman of the board

SAN DIEGO A former Novartis executive has become board chairman at a company that develops drugs for diabetes and obesity.

Amylin Pharmaceuticals announced Monday the election of Paulo Costa as chairman of the board. Costa was formerly president and CEO of Novartis U.S. Corp., following a 30-year career at Johnson & Johnson.

“Our unanimous decision to name Paulo as chairman reflects the board’s confidence in his leadership abilities,” Amylin corporate governance committee director James Gavin said in a statement. “Paulo brings a fresh perspective to all aspects of Amylin’s business at this important time for the company, and his expertise regarding operational and commercial activities will be invaluable as we prepare for the launch of exenatide once weekly.”

Amylin is developing the once-weekly exenatide with Indianapolis-based Eli Lilly & Co. and Cambridge, Mass.-based Alkermes. Exenatide is also the active ingredient in the drug Byetta.