For the some time now, Pfizer and Allergan have been working to develop its new leadership team, a team of executives that will take the helm if their combined restructuring deal is approved.
According to Pfizer Chairman and Chief Executive Officer Ian Read, “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.”
Well, on Monday, Pfizer announced this executive leadership team, that will guide the new company as they begin working as one. The announcement confirms that Brent Saunders will become the president as well as the Chief Operating Officer of the newly combined company. His responsibilities will include oversight of both Pfizer and Allergan’s commercial businesses and manufacturing and strategic departments.
Pfizer’s Read goes on to say, “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.”
In addition, Pfizer has also announced that Geno Germans, who is the Group President of Global Innovative Pharma Business will depart the company.
Read continues, “We thank Geno for his many contributions to Pfizer’s business over the past seven years. 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.”
Of course, the deal has not yet been approved, and as such, both Pfizer and Allergan will continue to work separately until the transaction has been finalized. They expect this will happen near the second half of 2016 but, as with all business of this sort, some conditions will need to be satisfied, and other regulatory policies might come into play, ultimately effecting the transaction. Still, it appears that the deal should go through without much incidence.