Pfizer Names Leadership Team For Combined Company Upon Close Of Allergan Deal

(RTTNews) - Pfizer Inc. (PFE) announced the executive leadership team for the combined Pfizer and Allergan plc (AGN) business following the close of the proposed transaction.

"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,"said Ian Read, Chairman and Chief Executive Officer of Pfizer.

As previously announced, following the closing, Brent Saunders will become President and Chief Operating Officer of the combined company with responsibility for the oversight of Pfizer and Allergan's combined commercial businesses, manufacturing and strategy functions.

Effective immediately and through the closing of the transaction Pfizer's Global Innovative Pharma (GIP) business and its Vaccines, Oncology and Consumer (VOC) business will operate separately under the leadership of Albert Bourla, currently Group President, VOC.

Upon the closing of the transaction, the Vaccines and Oncology businesses will be combined with the GIP business, and Albert Bourla will become Group President, Global Innovative Pharma, leading all of these businesses.

In addition, following the close of the transaction, the combined company will create a new operating segment named Global Specialty and Consumer Brands that will include Pfizer's Consumer Healthcare unit and Allergan's ophthalmology and aesthetics businesses, and Botox Therapeutic and Cosmetic. Bill Meury, currently Executive Vice President and President Branded Pharma at Allergan, will become Group President, Global Specialty and Consumer Brands, Pfizer.

After the close of the proposed transaction, Pfizer will continue to manage the combined company's commercial operations through two distinct businesses: an Innovative Products business and an Established Products business. The Innovative Products business will be composed of two operating segments: the Global Innovative Pharmaceutical and the Global Specialty and Consumer Brands segment. The Established Products business will continue to be led by John Young, and consist of the Global Established Pharmaceutical segment, including all legacy Hospira commercial operations.

Pfizer also announced that Geno Germano, Group President, Global Innovative Pharma Business, will be leaving the company.

Pfizer and Allergan will continue to operate as two separate companies until the close of the transaction, which is expected in the second half of 2016.