Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, today announced the resignation of Michael Cola as President of Shire Specialty Pharmaceuticals (SP), effective April 2, 2012. “On behalf of everyone at Shire, I would like to thank Mike for his devoted service to The Company, and his leadership role in many important initiatives,” said Angus Russell, CEO of Shire. “He leaves the SP business in a great position to execute our growth strategy going forward.”
Mr. Russell added, “As President of the SP business, Mike was instrumental in helping Shire transform itself from a company dominated by a single product in one market to a leading global biopharmaceutical company with a diversified product portfolio. Mike made a significant contribution to Shire both operationally and in the acquisitions of New River Pharmaceuticals, Movetis and most recently Advanced BioHealing. We wish him the very best in his future endeavors.”
Mr. Cola joined Shire in 2005 as Executive Vice President & General Manager for the Global Therapeutic Business Units. He assumed the role of President of the SP business in 2006. Prior to joining Shire, Mr. Cola held several executive positions at Merck, Astra/Merck, Astra Zeneca, and Safeguard Scientifics.
Mike Cola stated, “It has been a privilege to be part of the amazing turn around that has occurred at Shire over the last 7 years. We have successfully transformed Shire into an industry leading company while creating significant shareholder value. With the company in a position of tremendous strength it is time for me to explore new career opportunities and challenges. He continued, “It has been an honor to work with my colleagues at Shire.”
A search for a new President of Shire’s global SP business has begun. Angus Russell will assume responsibility for leading the business until a new President is appointed.
Mike Cola will be available to Shire through June 1 in order to facilitate a smooth transition.
Notes to editors
Shire’s strategic goal is to become the leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit hyperactivity disorder, human genetic therapies, gastrointestinal diseases and regenerative medicine as well as opportunities in other therapeutic areas to the extent they arise through acquisitions. Shire’s in-licensing, merger and acquisition efforts are focused on products in specialist markets with strong intellectual property protection and global rights. Shire believes that a carefully selected and balanced portfolio of products with strategically aligned and relatively small-scale sales forces will deliver strong results.
For further information on Shire, please visit the Company’s website: www.shire.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, the Company’s results could be materially adversely affected. The risks and uncertainties include, but are not limited to, risks associated with: the inherent uncertainty of research, development, approval, reimbursement, manufacturing and commercialization of the Company’s Specialty Pharmaceuticals, Human Genetic Therapies and Regenerative Medicine products, as well as the ability to secure new products for commercialization and/or development; government regulation of the Company’s products; the Company’s ability to manufacture its products in sufficient quantities to meet demand; the impact of competitive therapies on the Company’s products; the Company’s ability to register, maintain and enforce patents and other intellectual property rights relating to its products; the Company’s ability to obtain and maintain government and other third-party reimbursement for its products; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission.