- Experienced leadership team and
evolved structure position company to drive in-line business,
launch new products and create long-term value through broad
pipeline
- Company well positioned for
long-term growth, with strategic focus on Oncology, Hematology,
Immunology, Cardiovascular, and Fibrosis
Bristol-Myers Squibb Company (NYSE:BMY) today announced the
future leadership team of the combined company effective upon
completion of the company’s pending merger with Celgene Corporation
(NASDAQ:CELG).
The company is evolving key aspects of its R&D and
Commercialization structure to drive the continued growth of a
highly successful marketed portfolio, maximize the six near-term
launch opportunities and deliver the value of the combined
pipeline, all guided by its continued mission of serving patients
with serious disease. The business will be supported by a lean
infrastructure to enable efficiency and agility.
“I’m looking forward to working with this Leadership Team as we
combine the strengths of Bristol-Myers Squibb and Celgene to
enhance the value of our marketed portfolio, deliver six
significant new product launches and realize the full potential of
our deep and broad pipeline,” said Giovanni Caforio, M.D., Chairman
and Chief Executive Officer of Bristol-Myers Squibb. “We are
building on a strong track record of best-in-class commercial
execution, industry-leading science and a culture of collaboration
and innovation. Together, we will create the leading biopharma
company, one that will be known for pursuing the best science to
create highly innovative medicines that bring meaningful benefits
to patients and value to shareholders.”
Research & Development
The new structure will focus on the innovation core to both
companies’ success, pairing internal discovery with strong
partnerships that provide access to external innovation. To deliver
on the full value of its R&D capabilities, Bristol-Myers Squibb
is evolving the structure and leadership around two core functional
areas, Research & Early Development (R&ED) and Global Drug
Development.
Rupert Vessey, M.A., B.M., B.Ch., F.R.C.P., D.Phil., will serve
as President, Research & Early Development, reporting to
Caforio and serving as a member of the Leadership Team. Vessey is
the current President, Research & Early Development at Celgene.
Under Vessey’s leadership, the R&ED organization will work as a
cohesive unit across Discovery, Early Development and Translational
Medicine to advance promising assets through the early pipeline.
Vessey will oversee the company’s expanded range of discovery
platforms to drive scientific advancements across therapeutic areas
and will work closely with Business Development to identify
external sources of innovation.
Samit Hirawat, M.D., will join Bristol-Myers Squibb as the Chief
Medical Officer, Global Drug Development, leading the development
organization across therapeutic areas. Hirawat will report to
Caforio and will serve as a member of the Leadership Team. Hirawat
will be joining from Novartis where he was most recently Executive
Vice President and Head of Oncology Development. Hirawat brings
extensive experience in a range of roles in drug development. Under
his leadership, the development organization will ensure
progression of pipeline assets from proof-of-concept to
commercialization through world-class clinical trial design and
operations.
Tom Lynch, M.D., will continue to serve as Executive Vice
President & Chief Scientific Officer, reporting to Caforio and
serving as a member of the Leadership Team until he departs the
company by October 1, 2019, to pursue opportunities in healthcare.
Lynch has played a significant role in evolving R&D, including
enhancing the company’s translational medicine capabilities and
increasing its focus on disease biology and data and analytics.
“I want to thank Tom for joining the company from our Board of
Directors, for his leadership as Chief Scientific Officer in
building new capabilities in R&D and for his support during
this period of transition,” said Caforio.
Commercialization
With nine $1 billion-plus marketed products, six near-term
launch opportunities and four strengthened global franchises of
Oncology, Hematology, Immunology and Cardiovascular, our combined
company is well positioned for continued growth.
Two experienced and proven leaders will work closely together to
ensure that Bristol-Myers Squibb’s commercialization organization
continues to deliver superior in-market performance and
successfully launch new products, leveraging existing strong
capabilities across the entire portfolio.
Chris Boerner, Ph.D., will continue in his role as Executive
Vice President and Chief Commercialization Officer, reporting to
Caforio and serving as a member of the Leadership Team. Boerner is
currently responsible for commercial strategy and execution for the
BMS portfolio across all geographies. Following transaction close,
he will assume an expanded role, overseeing the combined company’s
Oncology, Immunology and Cardiovascular global businesses,
Worldwide Value, Access and Pricing, and Worldwide Commercial
Operations. The Global Medical organization will also report to
Boerner following the transaction close.
Nadim Ahmed will serve as President, Hematology, reporting to
Caforio and serving as a member of the Leadership Team. Ahmed is
the current President, Global Hematology & Oncology at Celgene.
Following transaction close, Ahmed will oversee the company’s
Hematology business including Cell Therapy. Ahmed brings deep
expertise in Hematology, an area of critical importance for the
combined company’s near-term success, including four potential
near-term launches.
Chief Financial Officer
David Elkins, who is currently the Chief Financial Officer of
Celgene, will be appointed the company’s Executive Vice President
and Chief Financial Officer, reporting to Caforio and serving as a
member of the Leadership Team. Elkins has a long career in finance,
including roles of increasing responsibility at Johnson &
Johnson and AstraZeneca and as the Chief Financial Officer of
Becton Dickinson. Elkins will have oversight of the Finance
organization, Business Insights & Analytics and
Procurement.
Following transaction close, Charles Bancroft will work closely
with Elkins to ensure an effective transition of all financial and
operational matters. He will also continue with the company as
Executive Lead for Integration, reporting to Caforio and serving as
a member of the Leadership Team, until he retires from the company
during 2020 after 35 years of service.
Caforio commented, “I would like to thank Charlie for his
extraordinary contributions during his 10 years as Chief Financial
Officer and for his partnership and support. Charlie has played a
significant leadership role in driving our company strategy,
leading our transformation and executing important business
development activities, including the acquisition of Celgene. I
appreciate Charlie’s commitment to lead the integration to help
make this combination a reality.”
As previously announced, Caforio will continue to serve as
Chairman of the Board and Chief Executive Officer of the Company.
Below is the full Bristol-Myers Squibb post-closing Leadership Team
announced today:
- Nadim Ahmed, President,
Hematology
- Charlie Bancroft, Executive Lead
for Integration
- Paul Biondi, Head, Strategy and
Business Development
- Chris Boerner, Ph.D.,
Executive Vice President & Chief Commercialization Officer
- Adam Dubow, Chief Compliance
Officer*
- Joseph Eid, M.D., Head, Global
Medical Affairs**
- John Elicker, Head, Corporate
Affairs and Investor Relations
- David Elkins, Executive Vice
President & Chief Financial Officer
- Samit Hirawat, M.D., Chief
Medical Officer, Global Drug Development
- Severine Lacourt, Chief of Staff
to the Chief Executive Officer
- Sandra Leung, Executive Vice
President & General Counsel
- Ann Powell, Chief Human
Resources Officer
- Lou Schmukler, President, Global
Product Development & Supply
- Rupert Vessey, M.A., B.M., B.Ch.,
F.R.C.P., D.Phil., President, Research & Early
Development
- Paul von Autenried, Chief
Information Officer
*Adam Dubow will continue to report to Sandra Leung,
Executive Vice President & General Counsel
**Joseph Eid will report to Chris Boerner, Executive Vice
President & Chief Commercialization Officer
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company whose
mission is to discover, develop and deliver innovative medicines
that help patients prevail over serious diseases. For more
information about Bristol-Myers Squibb, visit us
at BMS.com or follow us on LinkedIn, Twitter, YouTube and
Facebook.
Important Information For Investors And Stockholders
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. It does not constitute a prospectus or
prospectus equivalent document. No offering of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the U.S. Securities Act of 1933, as amended.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. You can generally identify forward-looking statements by
the use of forward-looking terminology such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “explore,”
“evaluate,” “intend,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “seek,” “should,” or “will,” or the negative
thereof or other variations thereon or comparable terminology.
These forward-looking statements are only predictions and involve
known and unknown risks and uncertainties, many of which are beyond
Bristol-Myers Squibb’s and Celgene’s control.
Important risk factors could cause actual future results and
other future events to differ materially from those currently
estimated by management, including, but not limited to, the risks
that: the completion of the Merger may not occur on the anticipated
terms and timing or at all; a condition to the closing of the
Merger may not be satisfied; the combined company will have
substantial indebtedness following the completion of the Merger;
Bristol-Myers Squibb is unable to achieve the synergies and value
creation contemplated by the Merger; Bristol-Myers Squibb is unable
to promptly and effectively integrate Celgene’s businesses;
management’s time and attention is diverted on transaction related
issues; disruption from the transaction makes it more difficult to
maintain business, contractual and operational relationships; the
credit ratings of the combined company decline following the
Merger; legal proceedings are instituted against Bristol-Myers
Squibb, Celgene or the combined company; Bristol-Myers Squibb,
Celgene or the combined company is unable to retain key personnel;
and the announcement or the consummation of the Merger has a
negative effect on the market price of the capital stock of
Bristol-Myers Squibb and Celgene or on Bristol-Myers Squibb’s and
Celgene’s operating results.
Additional information concerning these risks, uncertainties and
assumptions can be found in Bristol-Myers Squibb’s and Celgene’s
respective filings with the Securities and Exchange Commission (the
“SEC”), including the risk factors discussed in Bristol-Myers
Squibb’s and Celgene’s most recent Annual Reports on Form 10-K, as
updated by their Quarterly Reports on Form 10-Q and future filings
with the SEC. Except as otherwise required by law, Bristol-Myers
Squibb undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190605005469/en/
Media:Carrie Fernandez609-252-5222Carrie.Fernandez@bms.comorAndy
Brimmer / Dan KatcherJoele Frank, Wilkinson Brimmer
Katcher212-355-4449
Investors:Tim Power609-252-7509timothy.power@bms.com
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