Paul Meister Elected Chairman of the Board
Investor Call at 8:30 a.m. ET to Discuss
Leadership Transition and Second Quarter 2019 Earnings Results
Amneal Pharmaceuticals, Inc. (NYSE:AMRX) today announced that
its Co-Founders, Chirag Patel and Chintu Patel, have been named
Co-Chief Executive Officers, effective immediately. Paul Meister
has been appointed to the Board of Directors as Chairman.
Additionally, Paul Bisaro and Rob Stewart have resigned as
Executive Chairman, and President and Chief Executive Officer,
respectively, and have stepped down from the Board. Mr. Stewart
will serve as an advisor to the Company through a transition
period.
“The Board believes there are no better executives to help
Amneal return to growth and maximize shareholder value than the
operators who built it,” said Ted Nark, an independent director of
the Board. “Recent industry headwinds and increased competition
continue to put pressure on the Company. In order to succeed in
today’s environment, Amneal must move decisively and prioritize its
key strategic initiatives that will drive value for our
shareholders. Chirag and Chintu possess both the leadership skills
and the requisite strategic, operational, manufacturing and R&D
expertise to execute on these efforts.”
Messrs. Patel said, “When we founded Amneal 17 years ago, our
primary goal was to build a world-class pharmaceutical company
focused on providing affordable medicines to patients. Through
years of strategic investment and collaboration with some of the
industry’s top scientific and medical talent, we established Amneal
as a true leader in the generics sector. Indeed, we are proud to
have been recognized as the fastest growing generics company by
revenue for over 10 years. From the outset, we always focused on
making the right strategic and operational decisions for the
business, including executing on our vision, investing in organic
growth and embracing strategic M&A.”
“As founders of the Company, we built this business from the
ground up. While we recognize the challenges ahead of us, we are
excited by the opportunity to lead Amneal in its next phase of
growth. Our priorities today include: revitalizing the Generics
platform, including injectables; continuing to grow the Specialty
franchise; rationalizing costs to expand margins; and improving
cash flow. Taken together, this strategy is designed to position
Amneal to successfully execute on business development and M&A
opportunities,” said Chirag Patel.
“Over the past years, as entrepreneurs, we have bolstered our
deep operational expertise by actively managing other companies in
adjacent areas within life sciences, including specialty pharma,
biosimilar product development and novel drug discovery. We intend
to leverage this experience in our new roles as Co-CEOs of Amneal.
And with a substantial ownership stake in the Company, our
interests are closely aligned with those of our fellow shareholders
and other stakeholders,” said Chintu Patel.
Messrs. Patel concluded, “We are grateful to Paul and Rob for
their contributions in leading Amneal over the last year. We look
forward to propelling the Company through its next stage of growth,
and to working together with the Board, including our new Chairman,
management team and all Amneal employees and customers to reach our
full potential.”
Mr. Meister said, “I am pleased to join the Board of Amneal as
Chairman at this inflection point for the Company. I am drawn to
Amneal because of its impressive history of developing technologies
and intense focus on high quality products that improve millions of
lives. Chirag and Chintu are visionary leaders and, given the
rapidly changing industry landscape, I’m excited to partner with
them. Together, we can leverage our collective operational and
M&A expertise to create value.”
“It was an honor to work with the Amneal team over the last 15
months,” said Mr. Bisaro. “I am confident that the people of this
Company will continue to have a positive impact and drive business
forward.”
“Amneal has many exciting drug development and new product
launch opportunities,” said Mr. Stewart. “I want to thank my
colleagues on the management team and all Amneal employees, who
continue to demonstrate incredible commitment to the Company.”
Messrs. Patel have resigned as Co-Chairmen of the Board and will
remain on the Board as Directors. Messrs. Patel have also resigned
from their executive positions at other companies. Additionally,
Robert L. Burr, Janet S. Vergis and Dharmendra Rama have resigned
as independent directors on the Company’s Board. The Company has
retained Korn Ferry, a nationally-recognized executive search firm,
to assist in the process of identifying independent candidates for
the vacated Board seats.
Second Quarter Financial Results and 2019 Outlook
In a separate press release, Amneal is announcing its financial
results for the second quarter and its outlook for 2019. The press
release is available on Amneal’s Investor Relations website,
https://investors.amneal.com/investor-relations/default.aspx.
The Company will host a conference call today, August 5, 2019,
at 8:30 a.m. Eastern Time to discuss the leadership transition and
second quarter 2019 financial results. The webcast will be
accessible through the Investor Relations section of the Company's
website at https://investors.amneal.com. The webcast can also be
accessed at the following URL:
https://event.on24.com/wcc/r/2021447/323A22AA88A202DFC94FA94090002247.
To access the call through a conference line, dial (844)
746-0741 (in the U.S.) and (412) 317-5273 (international callers).
A replay of the conference call will be available for seven days
shortly after the call. To access the replay, dial (877) 344-7529
(in the U.S.) and (412) 317-0088 (international callers). The
access code for the replay is 10133264.
About Chirag Patel
Mr. Patel is Amneal’s Co-Founder and previously served as
Co-Chairman and Co-Chief Executive Officer from 2002 to the
completion of the combination with Impax Laboratories, Inc. in
2018. He served as a Co-Chairman of the Company’s Board with his
brother, Chintu Patel, since the combination. With his brother, Mr.
Patel has also founded and/or invested in several independent
biopharmaceutical companies, each of which specializes in
innovative science and drug delivery technologies. Earlier in his
career, Mr. Patel co-founded multiple technology companies. Mr.
Patel also serves on the boards of the Liberty Science Center of
New Jersey, New Jersey City University Foundation, and WIN
Foundation, and is a recipient of the 2011 Ernst & Young
National Entrepreneur of the Year Life Sciences Award®. Mr. Patel
supports various philanthropic causes. Mr. Patel, together with his
wife, Priti Patel, established the Niswarth International
Foundation in 2013, which aims to bring fresh water, sanitation,
nutrition and education to underprivileged children. Mr. Patel
received his bachelor’s degrees in Commerce from H.A. College of
Commerce, India, and in Business Administration from New Jersey
City University. He also holds an honorary Doctorate of Humane
Letters from New Jersey City University in recognition of his
efforts to serve others.
About Chintu Patel
Mr. Patel, R.Ph. is Amneal’s Co-Founder and previously served as
Co-Chairman and Co-Chief Executive Officer from 2002 to the
completion of the combination with Impax Laboratories, Inc. in
2018. Mr. Patel recently served as the Chief Executive Officer of
Kashiv BioSciences. He served as a Co-Chairman of the Company’s
Board with his brother, Chirag Patel, since the combination. With
his brother, Mr. Patel also founded and/or invested in several
independent biopharmaceutical companies, each of which specializes
in innovative science and drug delivery technologies. Before
founding Amneal, Mr. Patel was a pharmacist and senior-level
manager with Eckerd Pharmacy from 1994 to 2002, where he won
numerous awards. Mr. Patel has been a featured speaker at the
Hauppauge Industrial Association in New York and serves on the
boards of the Long Island Association, Long Island University, and
the Make-a-Wish Foundation®, and is a recipient of the 2011 Ernst
& Young National Entrepreneur of the Year Life Sciences Award®.
Mr. Patel and his wife, Falguni Patel, run the Irada International
Foundation, which focuses on health, education, and community
outreach projects in India and the United States. Mr. Patel holds a
bachelor’s degree in Pharmacy from Rutgers College of Pharmacy.
About Paul Meister
Mr. Meister is Co-Founder of Liberty Lane Partners, LLC, a
private investment company with investments in healthcare,
technology, and distribution-related industries and Perspecta
Trust, a trust company that provides trust and investment services.
Mr. Meister recently served as President of MacAndrews & Forbes
Incorporated. He previously served as Chairman and CEO of inVentiv
Health (now Syneos Health), a leading provider of commercial,
consulting and clinical research services to the pharmaceutical and
biotech industries. Prior to that, he served as Chairman of the
Board of Thermo Fisher Scientific Inc. and Vice Chairman of Fisher
Scientific International, Inc. prior to Fisher’s merger with
Thermo. During his tenure as an executive officer of Fisher
Scientific, from 1991 to 2006, the company’s revenue and operating
income grew at a compound annual growth rate of 15% and 23%
respectively as operations grew from two countries to 27 and sales
expanded into 140 countries worldwide. Earlier in his career, Mr.
Meister served in a number of executive leadership positions at
Wheelabrator Technologies Inc., The Henley Group Inc., and
AlliedSignal Inc. (now Honeywell International, Inc.). He began his
career with Ford Motor Company. Mr. Meister holds a Bachelor of
Arts degree from the University of Michigan and an MBA from
Northwestern University. He is a director of Aptiv PLC, Scientific
Games Corporation, Quanterix Corporation; co-chair of the
University of Michigan’s Life Sciences Institute External Advisory
Board, chair of the Provost Advisory Board and serves on the
Executive Advisory Board of the Chemistry of Life Processes
Institute at Northwestern University.
About Amneal
Amneal Pharmaceuticals, Inc. (NYSE: AMRX), headquartered in
Bridgewater, NJ, is an integrated pharmaceutical company focused on
developing, manufacturing and distributing generic, brand and
biosimilar products. The Company has operations in North America,
Asia, and Europe, working together to bring high-quality medicines
to patients primarily within the United States.
Amneal has an extensive portfolio of more than 300 generic
medicines and is expanding its portfolio to include complex dosage
forms in a broad range of therapeutic areas. The Company also
markets a portfolio of branded pharmaceutical products through its
Specialty segment focused principally on central nervous system
disorders and parasitic infections. For more information, visit
www.amneal.com.
Safe Harbor Statement
Certain statements contained herein, regarding matters that are
not historical facts, may be forward-looking statements (as defined
in the Private Securities Litigation Reform Act of 1995). Such
forward-looking statements include statements regarding
management’s intentions, plans, beliefs, expectations or forecasts
for the future, including, among other things, future operating
results and financial performance, product development and
launches, integration strategies and resulting cost reduction,
market position and business strategy. Words such as “may,” “will,”
“could,” “expect,” “plan,” “anticipate,” “intend,” “believe,”
“estimate,” “assume,” “continue,” and similar words are intended to
identify estimates and forward-looking statements.
The reader is cautioned not to rely on these forward-looking
statements. These forward-looking statements are based on current
expectations of future events. If the underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from the expectations and
projections of Amneal Pharmaceuticals, Inc. (the “Company”). Such
risks and uncertainties include, but are not limited to: risks
relating to the management changes announced in this release,
including that the failure to effect an orderly transition process
could hinder our strategic planning, execution and future
performance; our ability to successfully develop and commercialize
new products; our ability to obtain exclusive marketing rights for
our products and to introduce products on a timely basis; the
competition we face in the pharmaceutical industry from brand and
generic drug product companies, and the impact of that competition
as well as consolidation of institutional buyers and payers on our
ability to set prices; our ability to manage our growth; our
dependence on the sales of a limited number of products for a
substantial portion of our total revenues; the risk of product
liability and other claims against us by consumers and other third
parties; risks related to changes in the regulatory environment,
including United States federal and state laws related to
healthcare fraud abuse and health information privacy and security
and changes in such laws; changes to FDA product approval
requirements; risks related to federal regulation of arrangements
between manufacturers of branded and generic products; the impact
of healthcare reform and changes in coverage and reimbursement
levels by governmental authorities and other third-party payers;
the continuing trend of consolidation of certain customer groups;
our reliance on certain licenses to proprietary technologies from
time to time; our dependence on third party suppliers and
distributors for raw materials for our products and certain
finished goods; the impact of global economic conditions; our
dependence on third party agreements for a portion of our product
offerings; our ability to make acquisitions of or investments in
complementary businesses and products on advantageous terms; legal,
regulatory and legislative efforts by our brand competitors to
deter competition from our generic alternatives; the significant
amount of resources we expend on research and development; our
substantial amount of indebtedness and our ability to generate
sufficient cash to service our indebtedness in the future, and the
impact of interest rate fluctuations on such indebtedness; the high
concentration of ownership of our common stock and the fact that we
are controlled by a group of stockholders. A further list and
descriptions of these risks, uncertainties and other factors can be
found in the Company’s most recently filed Annual Report on Form
10-K for the fiscal year ended December 31, 2018, as supplemented
by any subsequently filed Quarterly Reports on Form 10-Q. Copies of
these filings are available online at www.sec.gov, www.amneal.com
or on request from the Company.
Forward-looking statements included herein speak only as of the
date hereof and we undertake no obligation to revise or update such
statements to reflect the occurrence of events or circumstances
after the date hereof.
Trademarks referenced herein are the property of their
respective owner.
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