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Friday, February 19, 2010
Adams out of top role at Sepracor, lands at N.C. firm Inspire
MHT's Julie Donnelly: Pharmaceuticals find drug development partners in colleges
Sepracor Inc. president and CEO Adrian Adams is out of that role, and is no longer serving as a director of the company or as an executive officer of its parent Dainippon Sumitomo Pharma Co. Ltd., according to the Japanese pharmaceutical giant. Adams yesterday was also announced as the new president and CEO of North Carolina pharma Inspire Pharmaceuticals Inc.
The move came as Dainippon Sumitomo announced it was merging its subsidiary Dainippon Sumitomo Pharma America Inc. into Sepracor, which will retain the Sepracor name and stay based in Marlborough. That merger will become effective on April 1, officials said.
Stepping into the president and CEO role at Sepracor will be current executive vice president and chief commercial officer Mark Iwicki. The company will get a new chairman as well in Saburo Hamanaka, who has been serving on the board.
While the company did not put out any details of Adams’ severance package, a filing with the U.S. Securities and Exchange Commission last October — when the $2.6 billion buyout of Sepracor by Dainippon Sumitomo closed — said that Adams could have been eligible for as much as roughly $11 million in pay and benefits.
Inspire (Nasdaq: ISPH) is based in Raleigh, N.C., and is focused on developic drugs to treat opthalmic and pulmonary conditions.
In addition to getting Sepracor’s drug portfolio and pipeline — including the popular sleep drug Lunesta — Dainippon Sumitomo officials said that last October that purchasing Sepracor would give them access its expertise in helping bring Dainippon Sumitomo’s own schizophrenia drug, lurasidone, which is in Phase 3 clinical development, to approval and market.
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