By a News Reporter-Staff News Editor at Pharma Business Week -- Auxilium Pharmaceuticals, Inc. (NASDAQ: AUXL), a fully integrated specialty biopharmaceutical company, announced that Andrew Saik will be appointed Chief Financial Officer, effective August 18, 2014. Mr. Saik will be responsible for all financial and information technology activities and relationships and will play a critical leadership role in executing Auxilium's diversification and growth strategy (see also Pharmaceutical Companies).
"Andrew brings nearly 20 years of hands-on experience, including shaping financial strategy, leading successful M&A transactions, integrating global company and product acquisitions and cash management that has helped add significantly to shareholder value," said Adrian Adams, Chief Executive Officer and President of Auxilium. "We believe his broad global business expertise, which also encompasses manufacturing and supply, R&D and managed care, is closely aligned with our corporate strategy and will bring additional depth and breadth to Auxilium's executive leadership team. I am very much looking forward to working with him as we continue to pursue the planned growth and corporate evolution of Auxilium."
Mr. Saik was most recently Senior Vice President, Finance and Treasurer at Endo Health Solutions, where he was responsible for internal and external reporting, global consolidations of M&A transactions, cash management, debt financing and risk management. During his tenure at Endo, he helped complete the $1.6 billion acquisition of Paladin Labs and refinance $3 billion in debt in a new corporate structure. Prior to Endo, Mr. Saik served in senior financial management roles with progressive responsibility at Valeant Pharmaceuticals International, most recently as its Senior Vice President, Finance. In this post, he served as the overall finance lead for the acquisition and integration of the Johnson & Johnson and Sanofi-Aventis dermatology business units in the U.S. and Canada, enabling Valeant to build the largest dermatology business in North America. Previously at Valeant, he was Chief Financial Officer of the $1.5 billion Specialty Pharmaceuticals Division which included the U.S., Canada and Australia. Earlier in his career, Mr. Saik was a finance manager and analyst at Nexgenix, Inc. and the Atlantic Richfield Corporation. He holds a Master of Business Administration from the University of Southern California and a Bachelor of Arts from the University of California, Los Angeles.
"It is an extremely exciting opportunity to join Auxilium during this pivotal time in the company's growth and transformation," said Mr. Saik. "I am looking forward to working closely with the management team, the Finance and IT departments and all Auxilium employees to pursue the execution of its planned aggressive corporate growth strategy in an effort to realize value for shareholders."
In July 2014, Auxilium announced a definitive agreement under which it plans to merge with QLT Inc., a Canadian-based biotechnology company focused on developing innovative orphan ophthalmology products. The transaction is expected to drive shareholder value creation by accelerating Auxilium's ongoing transformation into a leading diversified North American specialty biopharmaceutical company. As a result of the merger, Auxilium expects to have an expanded corporate platform that includes focused investments in research and development and the continued pursuit of new products and M&A due, in part, to expected tax synergies. The transaction is expected to close in the fourth quarter of this year, subject to shareholder approvals in the U.S. and Canada.
After entering 2013 with only two products, Auxilium strategically broadened its portfolio to 12 products by the end of that year. The Company now has seven promoted products across men's healthcare and orthopedics, including STENDRA(®), XIAFLEX(®) for Peyronie's disease (PD), XIAFLEX for Dupuytren's contracture (DC), TESTOPEL(®), edex(®), the Testim(®) franchise and Osbon(®) ErecAid(®). The Company is advancing its R&D programs in cellulite, with a Phase 2a trial ongoing and ahead of schedule with data expected in the fourth quarter of 2014, and Frozen Shoulder Syndrome, with a Phase 2b trial ongoing and on track for anticipated data in the first quarter of 2015.
Keywords for this news article include: Auxilium Pharmaceuticals Inc., Pharmaceutical Companies, Drugs, Therapy, Biopharmaceuticals, Investment and Finance.
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