Shire has unveiled plans to split its operations into two separate entities – a neuroscience division and rare diseases one, and will later decide whether they should be listed independently.
The proposal follows the first stage of a strategic review of the firm’s neuroscience business, which concluded that it “warrants additional focus and investment”.
According to the Dublin, Ireland-headquartered group, the move will see each division benefit from “a sharper management focus, greater strategic clarity, and an increased ability to deploy resources to key growth priorities”.
Operational performance metrics of each division should be reported separately from the first quarter of this year.
Meanwhile, the second stage of the review will further evaluate all strategic alternatives, including the merits of an independent listing for each of the two divisions.
“Our new Rare Disease and Neuroscience Divisions will be well positioned for growth, profitability, innovation, and serving the needs of patients,” said Shire chief executive Flemming Ornskov.
The firm also said it has a promising late stage pipeline with fifteen programs currently in Phase III, and that it expects total revenues to reach $17-18 billion by 2020.
By Selina McKee
Source: Pharma Times
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
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