King Pharmaceuticals Appoints Jeffrey Bailey Chief Commercial Officer
August 30, 2010
BRISTOL, TENNESSEE, August 30, 2010 - King Pharmaceuticals, Inc. (NYSE:KG) announced today the appointment of Jeffrey A. Bailey to the position of Chief Commercial Officer. Mr. Bailey will be responsible for the Company's commercial activities in the branded pharmaceutical business and will lead all Sales, Marketing, Managed Care, Sales Operations and Business Analytics. Importantly, he will lead King's strategic mission to be the leader in the effective and responsible treatment of pain. Mr. Bailey brings a wealth of experience in the pharmaceutical industry, most recently serving in a general management capacity for a significant profit center at Novartis and serving on the Novartis North American Executive Committee. Mr. Bailey has also held senior leadership roles for a private equity firm and for Johnson & Johnson where he was responsible for managing products in the pain therapeutic category and for launching new medicines for pain management.
Mr. Bailey will be a member of the King Leadership Team, reporting directly to Brian Markison, Chairman, President and Chief Executive Officer of King.
"We are extremely pleased that Jeff has decided to join our team," stated Mr. Markison. "With Remoxy and Acurox resubmissions on track, it is critical that we have an inspirational leader with a broad range of pharmaceutical experience. I am looking forward to Jeff making a significant contribution to the Company."
Mr. Bailey commented, "I'm excited to join King Pharmaceuticals during a major transition period in the Company's history. King has a pipeline of products with the potential to significantly improve patients' lives." He continued, "The misuse of prescription pain medications in this country has confounded the ability of physicians to appropriately care for their patients who need these medicines. I'm looking forward to working with an organization that has the pipeline and the people to develop innovative solutions for treating pain safely."
About King Pharmaceuticals, Inc.
King, headquartered in Bristol, Tennessee, is a vertically integrated branded pharmaceutical company. An S&P 500 Index company, King seeks to capitalize on opportunities in the pharmaceutical industry through the development, including through in-licensing arrangements and acquisitions, of novel branded prescription pharmaceutical products and technologies that complement its focus on specialty-driven markets, particularly neuroscience and hospital. King's wholly owned subsidiary, Alpharma, LLC, is also a leader in the development, registration, manufacture and marketing of pharmaceutical products for food producing animals.
This release contains forward-looking statements which reflect management's current views of future events and operations, including, but not limited to, statements pertaining to: Mr. Bailey's anticipated activities at King; the Company's plans to resubmit to the Food and Drug Administration the New Drug Applications for Remoxy® and Acurox®; the potential outcomes of product development programs and the commercial potential of King's products in development. These forward-looking statements involve certain significant risks and uncertainties, and actual results may differ materially from the forward-looking statements. Important factors that may cause actual results to differ materially from the forward-looking statements are discussed in the "Risk Factors" section and other sections of King's Form 10-K for the year ended December 31, 2009 and its Form 10-Q for the quarter ended June 30, 2010, which are on file with the U.S. Securities and Exchange Commission. King does not undertake to publicly update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
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Jack Howarth, Vice President, Investor Relations
501 Fifth Street
Bristol, Tennessee 37620