Pfizer has revealed plans for the birth of a new business division, global speciality and consumer brands, after completion of its $160-billion merger with Allergan.
Bill Meury, who currently heads up Allergan's branded pharmaceuticals segment, is to lead the new unit, which will house Pfizer’s consumer healthcare unit and Allergan’s ophthalmology and aesthetics businesses, including Botox for therapeutic and cosmetic uses.
In other plans, after the transaction closes Pfizer’s Global Innovative Pharma (GIP) business will be combined with the Vaccines, Oncology and Consumer (VOC) division and will operate under the leadership of Albert Bourla, who will become group president, GIP.
Pfizer will continue to manage the combined company’s commercial operations through two distinct businesses: an Innovative Products business and an Established Products business.
The Innovative Products business will be composed of two operating segments: GIP and the Global Specialty and Consumer Brands segment, while the Established Products business will continue to be led by John Young, and consist of the Global Established Pharmaceutical segment, including all legacy Hospira commercial operations.
“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,” noted Pfizer’s chief executive Ian Read.
As previously announced, Brent Saunders will take charge as president and chief operating officer of the combined company with responsibility for the oversight of Pfizer and Allergan’s combined commercial businesses, manufacturing and strategy functions.