Millennium Announces New CEO
Wednesday June 29, 7:01 am ET
-- Head of Novartis North American Oncology Business to drive Millennium toward long-term growth and near-term profitability --
CAMBRIDGE, Mass., June 29 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced that Deborah Dunsire, M.D., an accomplished pharmaceutical executive and head of Novartis Pharmaceuticals Corporation's North American Oncology Operations, has been named as the new president and chief executive officer of Millennium. Dr. Dunsire will also be elected to the Company's Board of Directors. She plans to assume her duties by August 1, 2005. Dr. Dunsire will succeed Mr. Mark Levin, co-founder and CEO since the Company's inception. Mr. Kenneth Weg, a member of the Board of Directors since 2001, will become the new non-executive chairman. Mr. Levin will remain an active member of the Board.
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"Deborah has an impressive track record in building and motivating multi- functional organizations to deliver significant revenues and sustainable growth, two key goals for Millennium," said Mr. Weg. "Her depth of experience and proven leadership in the pharmaceutical industry and repeated success in commercializing products will enable Millennium to optimize the potential of its novel therapies and capitalize on the Company's strengths in innovative drug discovery and development."
Dr. Dunsire has nearly 20 years of experience in the commercial, operational, clinical and scientific aspects of a world-leading pharmaceutical business. She led the Novartis U.S. Oncology Business in a competitive market, achieving more than 25 percent compounded annual growth rate over the last eight years. While at Novartis, Dr. Dunsire also played a critical role in the broad development and successful launch of a number of products including Zometa, Femara and Gleevec, and evaluated and implemented key business development initiatives. She was also responsible for managing the merger and significant growth of the combined Sandoz Pharmaceuticals and Ciba- Geigy oncology businesses.
"Millennium is poised for continued growth and I'm excited to be joining at such a pivotal point in the Company's development," said Dr. Dunsire. "Widely recognized for scientific leadership, entrepreneurial culture and visionary management, Millennium can command a strong commercial presence and leverage its robust product pipeline. I look forward to building on the Company's rich legacy and track record in bringing breakthrough medicines to patients, while fulfilling its goal of non-GAAP profitability in 2006 and long-term growth."
Dr. Dunsire has served on the U.S. pharmaceutical executive committee at Novartis, was a designated member of the corporate executive group, and a member of the operating committee charged with defining corporate strategy, managing operations and assessing executive performance.
Earlier in her career, Dr. Dunsire was a clinical researcher responsible for the implementation of global phase II and phase III studies across multiple therapeutic areas such as immunology, endocrinology, neurology, dermatology, oncology and transplantation. She has also been a practicing physician.
"Deborah shares an unwavering commitment to making a difference in patients' lives, the Company's mission since day one," said Mark Levin. "She is dedicated to building a leading biopharmaceutical company and has the commercial and business experience to make it happen for our stockholders, employees, partners and patients."
Acknowledging the exceptional contributions of Mark Levin, Mr. Weg stated, "Mark has been one of the great visionaries in the biotech industry and his passion for the business, amazing energy and ability to motivate people at Millennium has been no less than remarkable. I would like to express the Board's sincerest appreciation for Mark's dedication to the Company over the past 12 years, his commitment to patients to deliver breakthrough medicines, and his promise to build value for shareholders."
Mr. Weg has had more than 30 years of experience in the pharmaceutical industry including significant leadership roles at Merck & Co., Inc. and Bristol-Myers Squibb Company (BMS). At BMS he was elected to the Board of Directors in 1995 and became vice chairman in 1999. He also served as president, Worldwide Medicines Group; president, Pharmaceuticals Group; and president of Pharmaceutical Operations. Currently, Ken is chairman of Clearview Projects, a consulting firm which provides partnering and transactional services to biopharmaceutical companies and academic institutions.
Conference Call Information
In conjunction with this news release, Millennium will host a live webcast of its conference call today, Wednesday, June 29, 2005 at 8:00 AM ET. This webcast can be accessed by visiting the Investors section of the Company's website, millennium.com. Following the webcast, an archived version of the call will be available at the same address for 30 days.
About Millennium
Millennium Pharmaceuticals, Inc., a leading biopharmaceutical company based in Cambridge, Mass., markets VELCADE® (bortezomib) for Injection, a novel cancer product, co-promotes INTEGRILIN® (eptifibatide) Injection, a market-leading cardiovascular product, and has a robust clinical development pipeline of product candidates. The Company's research, development and commercialization activities are focused in three therapeutic areas: oncology, cardiovascular, and inflammation. By applying its knowledge of the human genome, its understanding of disease mechanisms, and its industrialized drug discovery platform, Millennium is seeking to develop breakthrough products. |
