--Jeffrey Yordon Retires as Chairman and CEO;
Board Member, Frank Kung, Ph.D. Appointed Chairman--
--Board Launches Search for Permanent CEO--
--Company Reiterates its Guidance Range for 2015--
SCHAUMBURG, Ill., (GLOBE NEWSWIRE) -- The Board of
Directors of Sagent Pharmaceuticals, Inc. (Nasdaq:SGNT), a leader of
specialty pharmaceutical products with a specific emphasis on the
injectable market, today announced that Jeffrey Yordon, Chairman and
Chief Executive Officer, has informed the Board of his decision to
retire from the Company. He will remain a member of the Board. Frank
Kung, Ph.D., a well-regarded industry executive and a member of
Sagent's Board since 2006, has been named Chairman. The Board will
immediately begin the search for a new CEO. In the interim, the Board
has formed an Executive Management Committee to lead the Company.
Mr. Kung said, "On behalf of the entire Board, we want to thank Jeff
for his leadership of the Company since its founding nearly a decade
ago. He has been instrumental in forging Sagent's vision and helping to
build Sagent into a high growth specialty pharmaceutical company. I
will work with management to ensure that the Company continues to build
on its strategy and serve the best interests of our shareholders."
Mr. Yordon said, "It has been an honor to have founded Sagent and to
have built it into the successful and growing specialty pharmaceuticals
company it is today. I am very proud of our enormous progress and our
many accomplishments. I have the highest regard for the Sagent team and
continue to have every confidence that the Company's future is bright.
My new role will allow me time to pursue my many personal interests."
Sagent also announced that James Hussey, who served as the Company's
President, has decided to leave the Company.
Sagent Reiterates its 2015 Guidance Range
The Company reiterated its guidance range for full fiscal year 2015 as
outlined in the February 19, 2015 earnings announcement.
Brief Biography of Frank Kung, Ph.D.
Frank Kung, Ph.D. has served as a member of Sagent's Board of Directors
since May 2006. Mr. Kung is a founding member of Vivo Capital, LLC and
has been the managing partner since February 1997. Prior to that, Mr.
Kung held the positions of co-founder, Chairman and Chief Executive
Officer of Genelabs Technologies, Inc. and co-founder of Cetus Immune
Corporation (later acquired by its parent company, Cetus Corporation).
Mr. Kung has served on the board of directors of the Emerging Company
Governing Body of the Biotechnology Industry Organization (BIO); Mt.
Jade Science and Technology Association, West Coast; and the Asian
American Manufacturing Association. He was also appointed by the U.S.
Secretary of Health and Human Services as a voting member of the
National Biotechnology Policy Board. Mr. Kung received a BS in
Chemistry from the National Tsing Hua University in Taiwan and a Ph.D.
in Molecular Biology and an MBA from the University of California at
About Sagent Pharmaceuticals
Sagent Pharmaceuticals, Inc., founded in 2006, is a global specialty
pharmaceutical company focused on developing, manufacturing, sourcing
and marketing pharmaceutical products, with a specific emphasis on
injectables. Sagent has created a unique, global network of resources,
comprising rapid development capabilities, sophisticated manufacturing
and innovative drug delivery technologies, resulting in an extensive
and rapidly expanding pharmaceutical product portfolio that fulfills
the evolving needs of patients.
Statements contained in this press release contain forward-looking
statements that are subject to risks and uncertainties. All statements
other than statements of historical fact, including our fiscal 2015
guidance, included in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements give Sagent's current expectations and
projections relating to its financial condition, results of operations,
plans, objectives, future performance and business as of the date of
this release. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "project," "plan," "intend," "believe," "may," "will,"
"should," "can have," "likely" and other words and terms of similar
meaning in connection with any discussion of the timing or nature of
future operating or financial performance or other events. Sagent's
expectations are not predictions of future performance, and future
results may substantially differ from current expectations based upon a
variety of factors, risks and uncertainties affecting Sagent's
business, including, among others, our reliance upon our business
partners for timely supply of sufficient high quality API and finished
products in the quantities we require; the difficulty of predicting the
timing or outcome of product development efforts and global regulatory
approvals; the difficulty of predicting the timing and outcome of any
pending litigation including litigation involving third parties that
may have an impact on the timing of Sagent's product launches; the
impact of competitive products and pricing and actions by Sagent's
competitors with respect thereto; the timing of product launches;
compliance with FDA and other global governmental regulations by Sagent
and its third party manufacturers; changes in laws and regulations; our
ability to successfully integrate our newly acquired Omega subsidiary;
our ability to realize the expected benefits from our acquisition of
and investment in our China and Omega subsidiaries; the additional
capital investments we will be required to make in our international
subsidiaries to achieve their manufacturing potential; the
implementation and maintenance of our new enterprise resource planning
software and other related applications; and other such risks detailed
in Sagent's periodic public filings with the Securities and Exchange
Commission, including but not limited to Sagent's Annual Report on Form
10-K for the fiscal year ended December 31, 2014, filed on March 16,
2015. Sagent disclaims and does not undertake any obligation to update
or revise any forward-looking statement in this press release, except
as required by applicable law.