Actavis Announces Refocused Global Business Structure
Actavis plc has announced a realignment of its global strategic business structure to maximize the company's position as a leading specialty pharmaceutical developer, manufacturer and marketer, and to enhance Actavis' position for continued long-term growth.
Under the new organizational structure, announced at Actavis' 2014 Investor Meeting in New York, Actavis' global generics, specialty brands, branded generics, legacy brands, over-the-counter (OTC) and third-party commercial operations and business development have been consolidated into a single new division, under the leadership of Siggi Olafsson, President, Actavis Pharma.
Actavis' generic, brand, inhalation and biosimilars research and development (R&D) organizations have been consolidated under the leadership of Fred Wilkinson, in the newly created position of President, Actavis Global Research and Development.
Mr. Olafsson and Mr. Wilkinson will continue to report directly to Paul Bisaro, Chairman and Chief Executive Officer of Actavis.
"Over the past several years, Actavis has evolved into a leading specialty pharmaceutical company with a solid global commercial footprint and a research and development capability unmatched within the industry," said Mr. Bisaro. "This organization will provide unprecedented management focus on driving our Company to the next stage in our evolution and ensure our successful evolution into the world's premier, global specialty pharmaceutical leader. In concert with this realignment, I have established four clear strategic pillars of growth for the continued expansion of Actavis:
-- Maximize our commercial structure to capitalize on the value of the pharmaceutical products we are delivering to our customers, regardless of whether they are generic, brand, branded generic, OTC and ultimately biosimilars;
-- Ensure continued focus on organic growth through maximization of our research and development expertise;
-- Emphasize operational excellence and cost control across our global manufacturing and distribution network; and,
-- Deploy capital to drive the continued expansion of our commercial, portfolio and technology capabilities through strategic mergers, acquisitions and business development initiatives that deliver growth multiples that complement our investment in sustainable organic growth.
"By placing all commercial pharmaceutical sales and marketing functions under Siggi, our new commercial structure will better position us to respond to market needs and compete more effectively on the global specialty pharmaceutical stage. Actavis currently participates in more than 60 markets, and we are focused on expanding our commercial footprint. Siggi's knowledge of global markets and understanding of the intricacies of delivering pharmaceuticals that meet the needs of specific market dynamics - brand, generic, branded generic and OTC products - ensures we are capitalizing on opportunities to drive revenues and earnings growth. Combining our commercial operations will dramatically strengthen Actavis' position as a global provider of pharmaceutical products to our patients in our diverse customer base," said Mr. Bisaro.
"By combining generic, brand, inhalation and biosimilar research and development, global regulatory affairs and global pharmacovigilance activities under Fred, we capitalize on his pharmaceutical industry expertise and intimate knowledge of commercial realities to direct and deliver on our investment in R&D, which is expected to exceed $800 million in 2014. Fred's expertise in our core brand therapeutic categories, his management of our biosimilar initiatives and his decades-long experience in the generic pharmaceutical universe brings real world marketing realities to ensuring new products developed achieve their full potential. Under Fred's leadership, we will dramatically enhance our ability to deliver on a fully integrated, global pharmaceutical pipeline and ensure we maximize value for every dollar we spend," Bisaro continued.
In addition to the commercial and R&D changes, Actavis announced that Robert Stewart, President of Global Operations, will be charged with an expanded role driving efficiencies across the organization and capitalizing on the most efficient utilization of human and financial resources, as well as harnessing the capabilities of Actavis' global manufacturing and distribution functions, including the continued oversight of Anda Inc. Marc Lehnen, Senior Vice President of Global Integration Management and Patrick Eagan, Chief Human Resources Officer will now report to Mr. Stewart.
"Bob will drive synergy capture and value creation from organic and acquired assets resulting from mergers and acquisitions. Given the breadth of Bob's responsibilities across our organization, I have also asked him to lead our efforts to realize the full potential of our global team by managing our Global Human Resources function. Bob has a proven track record of delivering operational excellence while providing exceptional cost control across our global network. By assuming responsibility for integration management and human resources, we expand the capabilities available to Bob as he continues to optimize our operational strengths," added Bisaro.