Sepracor is losing its top executive but not its name in an overhaul following its acquisition by Japan's Dainippon Sumitomo Pharma. Adrian Adams, the company's president and CEO, has stepped down effective immediately, while one of Dainippon's folks, Saburo Hamanaka, has been tapped as chairman. And this all paves the way for a merger with Japan's Dainippon Sumitomo Pharma America, with Sepracor as the surviving company.
Dainippon bought Sepracor, a sleep-drug specialist, last year. Adams "fulfilled his commitment to put in place the key structural changes necessary within four months of the acquisition of Sepracor and ahead of expectations," Dainippon CEO Masayo Tada says in a statement. Now it's time for the second stage of the deal, namely the merger, which is set to be completed April 1. Meanwhile, Hamanaka will lead at Sepracor, with Mark Iwicki promoted to president and COO to serve as his right hand.
And Adams can get on with his own ambitions, armed with a departure package of some $11 million, which includes $5.6 million in cash. "We wish him much success as he pursues his desire to lead another publicly traded U.S. pharmaceutical company," Tada says. Funny, he's already nabbed a job: chief at Inspire Pharmaceuticals.
- see the release from Dainippon
- read the news at FierceBiotech