Sepracor Announces New Management Changes and Plans for Merger with Dainippon Sumitomo Pharma America
Sepracor Inc. and Dainippon Sumitomo Pharma Co., Ltd. (DSP) today announce the resignation of Adrian Adams as President and Chief Executive Officer and Director of Sepracor and as Executive Officer of DSP, effective immediately, and the appointment of Saburo Hamanaka as Chairman of Sepracor and Executive Officer of DSP. Sepracor and DSP also announce the planned merger of Sepracor and DSP's subsidiary, Dainippon Sumitomo Pharma America, Inc. (DSPA), to be completed on April 1, 2010, with Sepracor as the surviving company.
"It is with great regret that I have accepted Mr. Adams' resignation, effective today, from Sepracor and the DSP organization," said Masayo Tada, President and Chief Executive Officer of DSP. "In the past nine months, I have come to know Adrian very well and have the utmost regard for him as a person and as a leader. Adrian has fulfilled his commitment to put in place the key structural changes necessary within four months of the acquisition of Sepracor and ahead of expectations. Sepracor has benefitted greatly from Adrian's leadership, and the organization has significantly strengthened its position as a world-class specialty pharmaceutical company under his direction. We wish him much success as he pursues his desire to lead another publicly traded U.S. pharmaceutical company." With Mr. Adams' resignation from Sepracor, Saburo Hamanaka, Director of Sepracor, will assume leadership of Sepracor as Chairman, effective immediately. Mark Iwicki, Executive Vice President and Chief Commercial Officer of Sepracor, will be promoted to President and Chief Operating Officer and Director, also effective immediately.
A merger between Sepracor and DSPA is also expected to be completed on April 1, 2010. The consolidation of DSP's two North American businesses serves to solidify DSP's North American operations into one combined Center of Excellence. The unification of DSPA and Sepracor brings together complementary assets and opportunities and is expected to provide improved operational efficiencies. Upon completion of the merger, the combined company will operate under the management appointments announced today.
Saburo Hamanaka Apr. 1967 Joined Takeda Pharmaceutical Co., Ltd, Japan Jan.1983 TAP Pharmaceutical Products Inc., Chicago Sep. 1998 President, Takeda Pharmaceuticals North America, Inc., Chicago Sep. 2002 Corporate Officer, General Manager, US Operation, Takeda Pharmaceutical Co., Ltd, Japan Jul. 2006 Joined Dainippon Sumitomo Pharma Co., Ltd, Japan About Sepracor Sepracor Inc., an indirect, wholly owned subsidiary of Dainippon Sumitomo Pharma Co., Ltd., is a research-based pharmaceutical company dedicated to treating and preventing human disease by discovering, developing and commercializing innovative pharmaceutical products that are directed toward serving large and growing markets and unmet medical needs. Sepracor's drug development program has yielded a portfolio of pharmaceutical products and candidates with a focus on respiratory and central nervous system disorders. Currently marketed products include LUNESTA® brand eszopiclone, XOPENEX® brand levalbuterol HCl Inhalation Solution, XOPENEX HFA® brand levalbuterol tartrate Inhalation Aerosol, BROVANA® brand arformoterol tartrate Inhalation Solution, OMNARIS® brand ciclesonide Nasal Spray and ALVESCO® brand ciclesonide HFA Inhalation Aerosol. Sepracor's corporate headquarters are located in Marlborough, Massachusetts. Additional information about Sepracor is available through its corporate website at www.sepracor.com.
About Dainippon Sumitomo Pharma America, Inc. Dainippon Sumitomo Pharma America, Inc., located in Fort Lee, N.J., is an indirect, wholly owned subsidiary of Dainippon Sumitomo Pharma Co., Ltd. (DSP).
About Dainippon Sumitomo Pharma Co., Ltd. DSP is a multi-billion dollar, top-ten listed pharmaceutical company in Japan with a diverse portfolio of pharmaceutical, animal health and food and specialty products. DSP's strong research and development presence in the areas of CNS, diabetes, cardiovascular disease, and inflammation/allergy, is based on the merger in 2005 between Sumitomo Pharmaceuticals Co., Ltd., and Dainippon Pharmaceutical Co., Ltd. Today, DSP has more than 7,000 employees worldwide. Additional information about DSP is available through its corporate website at http://www.ds-pharma.co.jp.
Lunesta, Xopenex, Xopenex HFA and Brovana are registered trademarks of Sepracor Inc. Omnaris and Alvesco are registered trademarks of Nycomed GmbH.
For a copy of this release or any recent release,visit Sepracor's web site at www.sepracor.com.