Change of Executive Officers and Merger of Two Subsidiaries in North America
Dainippon Sumitomo Pharma Co., Ltd. (DSP) today announces the resignation of Adrian Adams as Executive Officer of DSP and as President and Chief Executive Officer and Director of Sepracor Inc. (Sepracor), DSP's U.S. subsidiary, effective immediately, and the appointment of Saburo Hamanaka as Executive Officer of DSP and as Chairman of Sepracor. DSP also announces 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.
<Reference: Job history of new Executive Officer>
|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|