DUBLIN--(BUSINESS WIRE)--Mallinckrodt plc (NYSE: MNK), a leading global specialty pharmaceutical company, announced today that Gary Phillips, MD, current Senior Vice President and Chief Strategy Officer, has been appointed to serve as Senior Vice President and President of the Company’s Autoimmune and Rare Disease business, which includes the commercial organization supporting H.P. Acthar® Gel. Additionally, Ray Furey, formerly Senior Vice President and Chief Compliance Officer at Questcor Pharmaceuticals, has been appointed as Senior Vice President and the Chief Compliance Officer at Mallinckrodt. The appointments are effective immediately.
In his new role, Dr. Phillips will assume responsibility for the Acthar franchise and all of its sales, support and service activities. He will continue to serve as a member of Mallinckrodt’s Executive Committee. Mr. Furey will also join Mallinckrodt’s Executive Committee and have a dotted line reporting relationship to the Mallinckrodt Board of Directors. Both executives will report directly to Mark Trudeau, Chief Executive Officer of Mallinckrodt. A search is underway for the Chief Strategy Officer role.
“I look forward to working closely with Gary and Ray as we create a diversified, high-growth specialty pharmaceuticals company, with significantly increased scale, revenues, profitability and cash flow,” said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. “Since joining Mallinckrodt last year, Gary has brought focus to our growth strategy and energized our BD&L activities. Gary was one of the key architects of the Questcor transaction, and we are confident that he will achieve strong revenue and profit growth as we successfully expand the business into new indications. Ray is joining our team after more than two decades in the pharmaceutical industry. He has tremendous expertise and direct experience in compliance at leading global pharmaceutical companies. We are looking forward to having him as part of the Executive Committee and to the strong contributions he will provide to our expanded business.”
Dr. Phillips, a former practicing physician, understands the devastating impact on patients of the serious medical conditions that Acthar is approved to address, and the decisions that treating physicians must make as they search for medicines to help their patients struggle to manage these conditions after other medicines have failed or lost their efficacy. He also has extensive experience with autoimmune disease areas from his past work at Wyeth, Novartis and EMD Serono, and has run large commercial operations as president of Bausch & Lomb’s pharmaceutical and surgical unit as well as serving as president of Reckitt Benckiser Pharmaceuticals.
Mr. Furey comes to Mallinckrodt after three years at Questcor leading the company’s strong compliance organization and program. He spent 17 years at Genentech in various capacities, including healthcare compliance, commercial operations, finance, regulatory and manufacturing. Before joining Questcor, Mr. Furey was Corporate Compliance Officer at OSI Pharmaceuticals.
Mallinckrodt is a global specialty pharmaceutical and medical imaging business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents. The company's core strengths include the acquisition and management of highly regulated raw materials; deep regulatory expertise; and specialized chemistry, formulation and manufacturing capabilities. The company's Specialty Pharmaceuticals segment includes branded and specialty generic drugs and active pharmaceutical ingredients, and the Global Medical Imaging segment includes contrast media and nuclear imaging agents. Mallinckrodt has more than 5,500 employees worldwide and a commercial presence in roughly 65 countries. The company's fiscal 2013 revenue totaled $2.2 billion. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Statements in this document that are not strictly historical, including statements regarding the Questcor acquisition, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined businesses and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic conditions and conditions affecting the industries in which Mallinckrodt and Questcor operate; the commercial success of Mallinckrodt's and Questcor's products, including H.P. Acthar® Gel ("Acthar"); Mallinckrodt's and Questcor's ability to protect intellectual property rights; Mallinckrodt's ability to successfully integrate Questcor's operations and employees with Mallinckrodt's existing business; the ability to realize anticipated growth, synergies and cost savings; Questcor's performance and maintenance of important business relationships; the lack of patent protection for Acthar, and the possible United States Food and Drug Administration ("FDA") approval and market introduction of additional competitive products; Questcor's reliance on Acthar for substantially all of its net sales and profits; Questcor's ability to continue to generate revenue from sales of Acthar to treat on-label indications associated with nephrotic syndrome, multiple sclerosis, infantile spasms or rheumatology-related conditions, and Questcor's ability to develop other therapeutic uses for Acthar; volatility in Questcor's Acthar shipments, estimated channel inventory, and end-user demand; an increase in the proportion of Questcor's Acthar unit sales comprised of Medicaid-eligible patients and government entities; Questcor's research and development risks, including risks associated with Questcor's work in the areas of nephrotic syndrome and lupus, and Questcor's efforts to develop and obtain FDA approval of Synacthen™ Depot; Mallinckrodt's ability to receive procurement and production quotas granted by the U.S. Drug Enforcement Administration; Mallinckrodt's ability to obtain and/or timely transport molybdenum-99 to its technetium-99m generator production facilities; customer concentration; cost containment efforts of customers, purchasing groups, third-party payors and governmental organizations; Mallinckrodt's ability to successfully develop or commercialize new products; competition; Mallinckrodt's ability to achieve anticipated benefits of price increases; Mallinckrodt's ability to integrate acquisitions of technology, products and businesses generally; product liability losses and other litigation liability; the reimbursement practices of a small number of large public or private issuers; complex reporting and payment obligations under healthcare rebate programs; changes in laws and regulations; conducting business internationally; foreign exchange rates; material health, safety and environmental liabilities; litigation and violations; information technology infrastructure; and restructuring activities. Additional information regarding the factors that may cause actual results to differ materially from these forward looking statements is available in (i) Mallinckrodt's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended September 27, 2013 and its Quarterly Reports on Form 10-Q for the quarterly periods ended December 27, 2013, March 28, 2014 and June 27, 2014; (ii) the SEC filings of Cadence Pharmaceuticals, Inc., which was acquired by Mallinckrodt on March 19, 2014, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2013; and (iii) Questcor's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2013 (and the amendment thereto on Form 10-K/A), its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2014 and June 30, 2014, and its Current Report on Form 8-K filed with the SEC on July 10, 2014. The forward-looking statements made herein speak only as of the date hereof and none of Mallinckrodt, Questcor or any of their respective affiliates assumes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.