Endo Announces Change to Senior Management Team
DUBLIN, May 5, 2016 /PRNewswire/ -- Endo International plc (NASDAQ: ENDP) (TSX: ENL) today announced that Brian Lortie, President, U.S. Branded Pharmaceuticals, has decided to step down from his position upon the appointment of a successor. Mr. Lortie joined Endo in 2009 and led its U.S. Pharmaceuticals business with responsibility for all strategic, commercial and operational functions, including sales and marketing, strategy and portfolio development, commercial operations, managed markets, manufacturing, supply chain and quality. Endo has initiated a search with a leading executive recruitment firm to identify a successor for Mr. Lortie, who has agreed to remain with the Company until his replacement is hired.
"I would like to thank Brian for his important contributions to Endo. He led the U.S. Branded business through a time of great transformation – from a franchise largely focused on a small number of legacy pain products to a diversified business with growth drivers across multiple therapeutic areas including pain, specialty, orthopedics and urology," said Rajiv De Silva, President and CEO of Endo. "While we will miss Brian and his contributions, we will continue to build our U.S. Branded business as Endo focuses on accelerating key growth drivers including XIAFLEX® and BELBUCA™. I would especially like to thank Brian for agreeing to remain in his position through the transition phase. We wish him continued success in his future endeavors."
Under Mr. Lortie's guidance, Endo's U.S. Branded business achieved many significant milestones, including:
- The restructuring of the core U.S. Branded business to mitigate the impact of Lidoderm® loss of exclusivity;
- The strengthening of the Commercial Operations function to support the growth of Endo's U.S. Branded business going forward;
- The successful acquisition of Auxilium, which added XIAFLEX® and its related pipeline to Endo's U.S. Branded portfolio;
- The in-licensing and regulatory approval of BELBUCA™ and the subsequent launch of this differentiated product; and
- The successful extension of the VOLTAREN® Gel licensing agreement, including securing Endo's rights to an Authorized Generic.
"It has been a pleasure to have been a part of Endo over what have been truly transformational years for the Company and during a time of great change for the U.S. Branded business," said Mr. Lortie. "I am proud of what we have achieved and now, will work with Rajiv and the Endo team to transition the U.S. Branded business to new leadership and position it for its next phase of growth."
About Endo International plc
Endo International plc (NASDAQ: ENDP) (TSX: ENL) is a global specialty pharmaceutical company focused on improving patients' lives while creating shareholder value. Endo develops, manufactures, markets and distributes quality branded and generic pharmaceutical products as well as over-the-counter medications though its operating companies. Endo has global headquarters in Dublin, Ireland, and U.S. headquarters in Malvern, PA. Learn more at www.endo.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities legislation, including, among others, the statements by Messrs. De Silva and Lortie. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect Endo's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Although Endo believes that these forward- looking statements and information are based upon reasonable assumptions and expectations, readers should not place undue reliance on them, or any other forward- looking statements or information in this news release. Investors should note that many factors, as more fully described in the documents filed by Endo with securities regulators in the United States and Canada including under the caption "Risk Factors" in Endo's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and with securities regulators in Canada on System for Electronic Document Analysis and Retrieval ("SEDAR") could affect Endo's future financial results and could cause Endo's actual results to differ materially from those expressed in the forward-looking statements contained in this press release. Endo assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities law.
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