Pfizer to create new division following Allergan acquisition

Pfizer on Monday announced that following the completion of its $160-billion acquisition of Allergan later this year, a new operating segment named global specialty and consumer brands will be created, led by Bill Meury, current president of Allergan’s branded pharmaceutical unit. Pfizer indicated that the new division will include its consumer healthcare unit and Allergan’s ophthalmology and aesthetics businesses, and Botox therapeutic and cosmetic.

The drugmaker also revealed that after the completion of the transaction, its vaccines and oncology businesses will be combined with its global innovative pharmaceutical division, with the combined unit headed by Albert Bourla, who currently leads Pfizer’s vaccines, oncology and consumer segment. Bourla will report directly to current Allergan CEO Brent Saunders, who, as previously disclosed, will become Pfizer’s president and chief operating officer at the close of the deal.

Pfizer added that following the close of the transaction, its commercial operations will continue through two distinct businesses, namely an innovative products business and an established products business. The innovative products business will consist of the global innovative pharmaceutical and global specialty and consumer brands segments, while the established products business, which will be headed by John Young, will include the global established pharmaceutical segment, including all legacy Hospira commercial operations.

In addition, Pfizer said that Tony Maddaluna will serve as executive vice president of global supply, while Laurie Olson has been tabbed as executive vice president of portfolio and commercial operations. Meanwhile, John Young has been named president of global established pharmaceuticals.

“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,” remarked Pfizer CEO Ian Read, adding “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.”

10 – February – 2016