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Teva Announces New Organizational Structure and Acquisition of Labrys Biologics
Teva assigns new executive positions and acquires Labrys Biologics.
Teva Pharmaceutical Industries reported a new organizational structure and related executive positions that will become effective July 1st, 2014. Teva will be divided into two commercial business units: Global Specialty Medicines (GSM), established in April 2013, and the newly-formed Global Generic Medicines group (GGM). According to Teva, these changes will create a less complex, integrated company that can more effectively address the needs of patients in the global markets.
The GGM group will have full global responsibility for all existing generic-drug markets. This includes portfolio management and selection, product launch, and commercial execution. Sigurdur Olafsson has been appointed president and CEO of the GGM group. Prior to joining Teva, Olafsson served as president of Actavis Pharma. The GSM group will be led by Rob Koremans, PhD, and is responsible for Teva's global specialty medicines business.
The newly formed Corporate Development, Strategy and Innovation Group will be responsible for strategy and business development initiatives, while also looking for new business models, partnerships, and technologies. A group leader has not yet been appointed. Teva is also creating a new Global Corporate Marketing Excellence and Communications Group, which will be responsible for corporate marketing, brand management, corporate communications, and corporate social responsibility.
Iris Beck-Codner has been appointed as the group executive vice-president. Previsouly, Beck-Codner served as SVP chief corporate communication officer at Teva.
Eric Drapé, currently the head of Sterile, Respiratory and Specialty Operations has been named group executive vice-president, Global Head of Quality. As head of Global Quality, Drapé will report directly to Teva's president and CEO, Erez Vigodman, and work closely with Carlo De Notaristefani, PhD, president and CEO of Teva's Global Operations. Eyal Desheh, Teva’s executive vice-president and CFO, will be responsible for executing Teva’s corporate efficiency program, continue to oversee Teva's Global IT, and assume joint responsibility for Investor Relations, together with Vigodman. Desheh returned to his position as Teva’s group executive vice-president, CFO in February 2014, after serving as Teva’s acting president and CEO since October 2013.
Teva has also announced the acquisition of Labrys Biologics, a privately-held development stage biotechnology company focused on treatments for chronic migraine and episodic migraine, broadening Teva’s range of biotechnology assets and capabilities.
Teva will acquire Labrys for $200 million in upfront payment in cash at closing as well as up to $625 million in contingent payments upon achievement of certain pre-launch milestones. The closing of this transaction is subject to antitrust clearance and satisfaction of other conditions.