DJ UPDATE: Savient Names Pres Of Lilly's Ocology Division As CEO
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Source: DJ
Date: 11:18 AM
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01/25 11:18 DJ UPDATE: Savient Names Pres Of Lilly's Ocology Division As CEO
DOW JONES NEWSWIRES
Savient Pharmaceuticals Inc. (SVNT) said it named Eli Lilly & Co. (LLY) executive John H. Johnson to its chief executive post, a role the company hasn't had since late 2008.
The announcement came about a month after Savient said its board had started a search to fill the position, which was left vacant when Christopher G. Clement resigned in an "involuntary termination by the company without cause," according to a regulatory filing at the time.
Johnson was a senior vice president of Eli Lilly and president of that company's oncology business unit. From August 2007 to November 2009, he was CEO of ImClone Systems, which was acquired by Lilly for $6.5 billion in late 2008. Before joining ImClone, Johnson was an executive at Johnson & Johnson's (JNJ) worldwide biopharmaceuticals unit.
The appointment comes as the company has been working to commercialize Krystexxa, gaining approval from the U.S. Food and Drug Administration in September. The drug was first approved in the U.S. to treat chronic gout patients who don't respond to standard therapy. Savient has said it continues to believe it's on track to launch Krystexxa early this year.
On Tuesday, Chairman Stephen O. Jaeger said the company believes Johnson is the candidate to help bring Krystexxa to market "and realize this novel drug's full potential." Johnson will also serve as a member of Savient's board.
Savient also said President Paul Hamelin, the company's most senior executive, would remain at Savient throughout a transition period and then will leave to pursue other interests.
Meanwhile, Lilly said a successor to Johnson will be announced in the coming weeks.
"Given his previous post at ImClone, John has played a key role leading the integration efforts since Lilly's acquisition," Lilly Chief Executive John Lechleiter said.
The ImClone acquisition broadened Lilly's oncology portfolio and strengthened its pipeline and biotech capabilities. Its sole product on the market at the time was Erbitux, which is approved to treat colon and head and neck cancers.
Savient shares were up 1.6% at $10.06 in recent trading, while Lilly was off 0.4% to $34.65.
-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com
Lilly-Historical Imclone connection-My thoughts of a someday Lilly acquisition, might be possible after all.
snip>John H. Johnson, ImClone's chief executive officer, said "We believe this is an important step forward in ImClone's and Lilly's shared goal of addressing the medical needs of cancer patients around the world. The significant progress ImClone has made over the last few years is a direct result of the important contributions of our employees, and joining forces at this stage of our growth will allow us to leverage Lilly's global capabilities and make even greater advancements in our proprietary pipeline."
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