After the transaction, which is expected to be completed in the second half of 2016, Pfizer will continue to manage its commercial operations through two distinct businesses: the innovative products business and the established products business.
Pfizer also addressed the potential separation of the company’s innovative and established businesses, explaining that a decision will be made by the end of 2018 at the latest.
“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, Pfizer CEO and Chairman.
In-PharmaTechnologist previously reported on the proposed split, which the companies addressed at the JP Morgan Healthcare Conference in San Francisco last month.
Pfizer also already announced that Brent Saunders, former Allergan CEO, will become President and COO of the combined company upon closing.
Effective immediately (as of February 8, 2016) Pfizer’s Global Innovative Pharma (GIP) business and its Vaccines, Oncology and Consumer (VOC) business will operate separately, led by Albert Bourla, currently Group President, VOC. After closing, the VOC businesses will join the GIP business, and Bourla will become Group President, Global Innovative Pharma.
Additionally, the combined company will create a new operating segment, the Global Specialty and Consumer Brands. The segment will include Pfizer’s Consumer Healthcare unit and Allergan’s ophthalmology and aesthetics businesses, and Botox Therapeutic and Cosmetic. Bill Meury, currently Executive VP and President Branded Pharma at Allergan, will become Group President, Global Specialty and Consumer Brands, Pfizer.
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 transaction closes.