Pfizer Outlines Post-Merger Management Slate
February 08 2016 - 11:00AM
Dow Jones News
Pfizer Inc. on Monday unveiled its slate of executives who will
run the combined company after it closes its roughly $150 billion
inversion deal to buy Allergan PLC.
As previously announced, Allergan's chief executive, Brent
Saunders, will become chief operating officer of the combined
company, reporting to Chief Executive Ian Read. The combined
company will be named Pfizer PLC.
Following the deal's completion, Pfizer will carve out a new
global specialty and consumer brands operating segment that will
include Pfizer's consumer healthcare unit and Allergan's
ophthalmology and aesthetics businesses. Allergan's Botox business
will fold into the segment, which will be led by Bill Meury,
currently the head of branded pharma at Allergan.
In addition, the companies said Albert Bourla will lead global
innovative pharma, replacing Geno Germano. Tony Maddaluna will head
global supply and Laurie Olson will serve as executive vice
president of strategy and commercial operations. The executives
will report to Mr. Saunders.
Pfizer Chief Financial Officer Frank D'Amelio will remain in his
role, as will its general counsel, head of compliance and president
of research and development. The companies have said the combined
board will include all 11 current Pfizer directors and four current
Allergan directors.
The companies struck a roughly $150 billion deal to merge in
November, a move that will create the world's biggest drug maker by
combining top-selling products including Pfizer's Prevnar pneumonia
vaccine and Allergan's wrinkle-fighter Botox. The transaction,
expected to be completed in the second half of the year, is also
the biggest inversion deal in history and will move Pfizer's tax
address to Dublin.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
February 08, 2016 10:45 ET (15:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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