Leadership Team Named for Pfizer-Allergan
US pharmaceutical giant Pfizer has unveiled the executive leadership team foreseen for its envisaged $160 million merger with Allergan and the move of the company’s official headquarters to Ireland. Plans for the deal structured as a takeover of Pfizer by Ireland-domiciled Allergan, and scheduled to close in the first half of 2016, were announced in late November 2015. Both companies are US-owned.
When making the leadership announcement, Pfizer chairman and CEO Ian Read noted that the combined company, which will trade under the name Pfizer, is being designed to facilitate a break-up into separate companies. Any decision about a split would be made “no later than the end of 2018,” he said.
As announced earlier, current Allergan CEO Brent Saunders is the new company’s designated president and CEO. He will have responsibility for the oversight of Pfizer and Allergan's combined commercial businesses, manufacturing and strategy functions.
When the new Pfizer takes on its final shape, it will be managed, as the old Pfizer was, through two distinct businesses: an Innovative Products business and an Established Products business.
The Innovative Products business will have two operating segments, Global Innovative Pharmaceutical (GIP) and the Global Specialty and Consumer Brands.
Pfizer’s existing Vaccines and Oncology businesses (VOC) will be merged into the GIP business, with Albert Bourla, currently group president VOC, as group president. Geno Germano, currently group president of Pfizer’s Global Innovative Pharma Business, will leave the company upon closing of the deal.
The new Pfizer’s operating segment Global Specialty and Consumer Brands will be comprised of the former Pfizer's Consumer Healthcare unit and Allergan's ophthalmology and aesthetics businesses, along with Botox Therapeutic and Cosmetic. It will be headed as president by Bill Meury, currently executive vice president and president Branded Pharma at Allergan.
The Established Products business will continue to be led by Pfizer’s John Young. It will consist of the Global Established Pharmaceutical segment and include all legacy Hospira commercial operations.
