LONDON, Jan. 8, 2020 /CNW/ - ADVANZ PHARMA Corp. Limited ("ADVANZ PHARMA" or "the Company") (TSX: ADVZ), a global pharmaceutical company focused on serving the needs of patients and healthcare providers around the world with enhanced access to high quality, niche-established medicines, today announced changes to its board of directors (the "Board") that are consistent with the Company's previously disclosed strategic focus on Western Europe.
Effective January 1, 2020, Elmar Schnee, an advisor and observer to the Company's Board since March 2019, assumed the role of non-executive Chairman of the Board of ADVANZ PHARMA.
Mr. Schnee has more than 30 years of senior-level pharmaceutical experience including CEO at Merck Serono, and Managing Director at UCB Pharma. He is currently serving on the board of Jazz Pharmaceuticals, and as the Chairman of Santhera Pharmaceuticals and Calliditas Therapeutics.
Mr. Schnee succeeds previous Chairman of the Board, Randy Benson, who oversaw the Company's successful recapitalization transaction, which concluded in September 2018, the development of its P.L.A.N. strategy and its acquisition of Salagen® and Panretin® from Eisai in March 2019.
The Company also announced today that Adeel Ahmad, ADVANZ PHARMA's Chief Financial Officer, has been appointed to the Board, effective January 1, 2020, on an interim basis pending the appointment of another independent director to the Board.
Mr. Ahmad has more than 20 years of experience in the pharmaceutical, distribution, telecommunications and accounting industries. Prior to becoming the CFO of ADVANZ PHARMA in June 2018, Mr. Ahmad was CFO of the Company's International segment, and before that, Vice President, Finance and Controller of the Company.
Mr. Ahmad will succeed Barry Fishman, a member of ADVANZ PHARMA's Board since September 2018, who assisted in the development of the Company's P.L.A.N. strategy and its acquisition of Salagen® and Panretin®.
Mr. Schnee and Mr. Ahmad will be both based in Europe, while Mr. Benson and Mr. Fishman were Directors for ADVANZ PHARMA based in Canada.
"On behalf of the Board, we'd like to thank Randy and Barry for their important contributions to ADVANZ PHARMA," said Graeme Duncan, the Company's Chief Executive Officer and Board member. "Looking ahead, we believe that the additions of Elmar and Adeel will further strengthen ADVANZ PHARMA as we leverage their collective leadership skills and pharmaceutical industry expertise to an even greater degree going forward."
Completion of the Continuance of the Company from Canada to Western Europe
ADVANZ PHARMA also announced today that effective January 1, 2020, it completed its continuance to Western Europe and became a UK tax resident company, incorporated and registered in Jersey, and concurrently changed its name to "ADVANZ PHARMA Corp. Limited".
The continuance is consistent with the Company's strategic focus on Western Europe, and is expected to result in operational and cost efficiencies.
About ADVANZ PHARMA
ADVANZ PHARMA operates an international specialty pharmaceutical business with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries, and going forward, is focused on becoming the leading platform for niche-established medicines, with advanced commercial capabilities throughout Western Europe.
ADVANZ PHARMA's corporate head office is in London, England, and, through its subsidiaries, the Company operates out of facilities in Sydney, Australia; Mumbai, India; Dublin, Ireland; St. Helier, Jersey; Helsingborg, Sweden; and Chicago, United States.
Notice Regarding Forward-looking Statements and Information:
This news release includes forward‐looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward‐looking information within the meaning of Canadian securities laws, regarding ADVANZ PHARMA and its business, which may include, but are not limited to, statements with respect to: the continuance resulting in operational and cost efficiencies, and the ability of the Company to leverage the experience of its new directors. Often, but not always, forward‐looking statements and forward‐looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of ADVANZ PHARMA's management, and are based on assumptions and subject to risks and uncertainties. Although ADVANZ PHARMA's management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward‐looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting ADVANZ PHARMA, including risks associated with ADVANZ PHARMA's securities, increased indebtedness and leverage, ADVANZ PHARMA's growth, risks associated with the use of ADVANZ PHARMA's products, the inability to generate cash flows, revenues and/or stable margins, the inability to repay debt and/or satisfy future obligations, risks associated with a delay in releasing ADVANZ PHARMA's financial statements (which could result in a default under ADVANZ PHARMA's debt agreements and a violation of applicable laws), ADVANZ PHARMA's outstanding debt, risks associated with the geographic markets in which ADVANZ PHARMA operates and/or distributes its products, risks associated with distribution agreements, the pharmaceutical industry and the regulation thereof, regulatory investigations, the failure to comply with applicable laws, economic factors, market conditions, risks associated with growth and competition, the failure to obtain regulatory approvals, the equity and debt markets generally, general economic and stock market conditions, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), political risks (including changes to political conditions), risks associated with the United Kingdom's exit from the European Union (including, without limitation, risks associated with regulatory changes in the pharmaceutical industry, changes in cross‐border tariff and cost structures and the loss of access to the European Union global trade markets), risks related to patent infringement actions, the loss of intellectual property rights, risks and uncertainties detailed from time to time in ADVANZ PHARMA's filings with the Canadian Securities Administrators, and many other factors beyond the control of ADVANZ PHARMA. Although ADVANZ PHARMA has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward‐looking statement or information can be guaranteed. Except as required by applicable securities laws, forward‐looking statements and information speak only as of the date on which they are made and ADVANZ PHARMA undertakes no obligation to publicly update or revise any forward‐looking statement or information, whether as a result of new information, future events, or otherwise.
SOURCE ADVANZ PHARMA Corp.