Healthcare Industry News: Somatuline
News Release - July 11, 2016
David Meek appointed as Chief Executive Officer of IpsenPARIS--(Healthcare Sales & Marketing Network)--The Board of Directors of Ipsen (Euronext: IPN; ADR: IPSEY), met on 8 July 2016, and has appointed David Meek as Chief Executive Officer, effective July 18, 2016. On this date, Marc de Garidel will assume the role of non-executive chairman and will continue to serve the Board of Directors through his deep industry expertise. In addition, Marc de Garidel will advise Mayroy, the Ipsen controlling holding company.
David Meek, an American national, has over 25 years of experience in the pharmaceutical industry where he held various global executive positions in major pharmaceutical and biotechnology companies. Most recently, he was Executive Vice-President and President of the oncology division of Baxalta Inc., which was recently acquired by Shire. David led the formation of the oncology division and rapidly created an innovative oncology portfolio through strategic acquisitions and partnering deals.
He holds a BA in Management from the University of Cincinnati and started his career at Johnson & Johnson and Janssen Pharmaceutica (1989-2004) where he held a variety of U.S. senior sales and marketing positions across multiple therapeutic areas in primary care (gastroenterology, pain management, dermatology) and specialty care (oncology, neuroscience).
He then joined Novartis (2005-2012), where he successively served as the global business franchise head for the company’s respiratory and dermatology franchise in Basel, Switzerland; President and Chief Executive Officer of the pharmaceutical division in Canada; and the head of oncology for Northern, Central and Eastern Europe, based in Milan, Italy. From 2012 to 2014, he served as Chief Commercial Officer of Endocyte, an American biotechnology company.
David Meek will be based at Ipsen’s headquarters in Boulogne-Billancourt. His mission is to ensure the continued growth and innovative pipeline development of the specialty and primary care businesses and to advance the international expansion of the Ipsen Group especially in the United States and China.
Marc de Garidel, Chairman and CEO of Ipsen said: "I am delighted to welcome David Meek to our group. David is a visionary leader with global expertise in the pharmaceutical and biotechnology industry. His experience in the USA, Europe, and international markets as well as his deep knowledge of oncology will be invaluable. David also has significant success with business development that will be important for our strategic objectives. Ipsen is currently performing well and could accelerate its growth in the coming years with the launch of Cabometyx™ in advanced kidney cancer and Telotristat etiprate in neuroendocrine tumors, in addition to strong prospects for Somatuline® and Dysport® with the new recently approved indications. David’s priorities will be to continue the Group's international expansion, consolidate our leadership in a number of targeted diseases and strengthen our pipeline. I am confident that David will bring to our team new views, a new momentum and contribute to accelerating the sustainable growth of the Group."
David Meek added: "I am very honored and excited to join Ipsen as CEO, a high growth pharmaceutical group with significant opportunities for increased leadership in specialty and primary care. I am proud and motivated to lead the Ipsen employees whose tremendous skills and commitment to patients are well respected. My ambition is to focus on patients and product innovation, lead the teams, and continue the path of success started by Marc de Garidel in 2010."
Ipsen is a global specialty-driven pharmaceutical group with total sales exceeding €1.4 billion in 2015. Ipsen sells more than 20 drugs in more than 115 countries, with a direct commercial presence in more than 30 countries. Ipsen’s ambition is to become a leader in specialty healthcare solutions for targeted debilitating diseases. Its fields of expertise cover oncology, neurosciences and endocrinology (adult & pediatric). Ipsen’s commitment to oncology is exemplified through its growing portfolio of key therapies improving the care of patients suffering from prostate cancer, bladder cancer and neuro-endocrine tumors. Ipsen also has a significant presence in primary care. Moreover, the Group has an active policy of partnerships. Ipsen's R&D is focused on its innovative and differentiated technological platforms, peptides and toxins, located in the heart of the leading biotechnological and life sciences hubs (Les Ulis/Paris-Saclay, France; Slough/Oxford, UK; Cambridge, US). In 2015, R&D expenditure totaled close to €193 million. The Group has more than 4,600 employees worldwide. Ipsen’s shares are traded on segment A of Euronext Paris (stock code: IPN, ISIN code: FR0010259150) and eligible to the “Service de Règlement Différé” (“SRD”). The Group is part of the SBF 120 index. Ipsen has implemented a Sponsored Level I American Depositary Receipt (ADR) program, which trade on the over-the-counter market in the United States under the symbol IPSEY. For more information on Ipsen, visit www.ipsen.com.
Forward Looking Statement (Ipsen)
The forward-looking statements, objectives and targets contained herein are based on the Group’s management strategy, current views and assumptions. Such statements involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated herein. All of the above risks could affect the Group’s future ability to achieve its financial targets, which were set assuming reasonable macroeconomic conditions based on the information available today. Use of the words "believes," "anticipates" and "expects" and similar expressions are intended to identify forward-looking statements, including the Group’s expectations regarding future events, including regulatory filings and determinations. Moreover, the targets described in this document were prepared without taking into account external growth assumptions and potential future acquisitions, which may alter these parameters. These objectives are based on data and assumptions regarded as reasonable by the Group. These targets depend on conditions or facts likely to happen in the future, and not exclusively on historical data. Actual results may depart significantly from these targets given the occurrence of certain risks and uncertainties, notably the fact that a promising product in early development phase or clinical trial may end up never being launched on the market or reaching its commercial targets, notably for regulatory or competition reasons. The Group must face or might face competition from generic products that might translate into a loss of market share. Furthermore, the Research and Development process involves several stages each of which involves the substantial risk that the Group may fail to achieve its objectives and be forced to abandon its efforts with regards to a product in which it has invested significant sums. Therefore, the Group cannot be certain that favourable results obtained during pre-clinical trials will be confirmed subsequently during clinical trials, or that the results of clinical trials will be sufficient to demonstrate the safe and effective nature of the product concerned. There can be no guarantees a product will receive the necessary regulatory approvals or that the product will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Other risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the Group's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Group’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. The Group also depends on third parties to develop and market some of its products which could potentially generate substantial royalties; these partners could behave in such ways which could cause damage to the Group’s activities and financial results. The Group cannot be certain that its partners will fulfil their obligations. It might be unable to obtain any benefit from those agreements. A default by any of the Group’s partners could generate lower revenues than expected. Such situations could have a negative impact on the Group’s business, financial position or performance. The Group expressly disclaims any obligation or undertaking to update or revise any forward looking statements, targets or estimates contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. The Group’s business is subject to the risk factors outlined in its registration documents filed with the French Autorité des Marchés Financiers.
The risks and uncertainties set out are not exhaustive and the reader is advised to refer to the Group’s 2014 Registration Document available on its website (www.ipsen.com).
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