Impax taps Actavis veteran Bisaro for top slot
- California-based Impax Laboratories has put an industry veteran in the top job after the rather sudden departure of its CEO G. Frederick Wilkinson last December.
- Paul M. Bisaro brings along 25 years of industry experience, most recently in the transition of Watson Pharmaceuticals through Actavis and ultimately to the company now known as Allergan.
- Impax is undergoing a strategic review at the moment, according to a recent report in Reuters, and the markets have responded positively with an uptick of over 37%.
Specialty pharma and generics drugmaker Impax Laboratories has been embroiled in Endo Pharmaceuticals' Federal Trade Commission (FTC) legal case. In March 2016, Endo was alleged to have paid Impax $112 million to delay launching its generic form of Endo's painkiller Opano ER (extended release oxymorphone). In January 2017, Endo made a deal with the FTC to resolve the allegations.
"We are pleased to have Paul, a highly respected and accomplished leader, with a strong track record of delivering superior shareholder returns and financial performance, join Impax as our new CEO," said Robert Burr, chairman of Impax. "Following a thorough review of candidates, the Board determined that Paul's broad experience across the specialty pharmaceutical industry and demonstrated ability to grow and transform an organization, make him the right person to oversee the company's future direction."
Bisaro has 25 years of experience in the branded and generic pharma industry, and most recently was executive chairman of Allergan after the company merged with Actavis. He served as president and CEO of Actavis after its reverse-merger with Watson Pharmaceuticals. Watson bought Actavis for $5.9 billion in 2012, creating one of the world's largest generics drugmakers.
"I am excited about the opportunity to lead Impax to its full potential in a rapidly changing environment," said Bisaro. "Impax has a strong reputation for its drug delivery, formulation and product development capabilities."
This could be just the first of a number of changes. According to Reuters earlier in March, Impax has pulled in Morgan Stanley to carry out a strategic review in the light of the increasingly tough drug pricing environment and faster review of generics. One of the options, would be a trade sale of the company.
Impax has been in the hands of J. Kevin Buchi, a member of the board of directors, as interim president and CEO, since the departure of G. Frederick Wilkinson in December 2016. Wilkinson and the company's board came to a "mutual agreement" that he should "separate from his positions as President and CEO and as a member of the Board, effective immediately."
- Impax Laboratories Statement
Follow Suzanne Elvidge on Twitter