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|Omnicare Names New CEO for Contract Research Services Group - 22-Year Healthcare Veteran Will Lead Global CRO Operations|
COVINGTON, Ky., March 13 /PRNewswire/ -- Omnicare, Inc. (NYSE: OCR) today announced that David Morra has been named Corporate Vice President and Chief Executive Officer of the Company's Contract Research Services Group. Morra, a 22-year veteran in the healthcare industry, will oversee the business of Omnicare's worldwide contract research organizations ("CRO") and pharmaceutics businesses, including its IBAH, Inc., Coromed, Inc. and IFNS GmbH subsidiaries, which combined represent the one of the world's leading CROs.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000313/HSM001 )
Morra, age 44, comes to Omnicare from Mallinckrodt, Inc. (NYSE: MKG), a $2.6 billion healthcare company serving the respiratory, pharmaceutical and diagnostic imaging markets. During his 12-year tenure at Mallinckrodt, Morra consistently assumed positions of increasing responsibility, most recently as Vice President in charge of Mallinckrodt's more than $500 million Contrast Imaging Group that is comprised of three global business units. Prior to that position, he was President of Mallinckrodt's Nuclear Medicine Division, European Managing Director of its Veterinary Division and Vice President and General Manager of its Cardiology Division. Before Mallinckrodt, Morra spent 10 years with the Squibb Corporation (now Bristol Myers Squibb), holding a variety of sales, marketing and managed care positions.
"Mr. Morra has demonstrated both leadership and stability throughout his career in the healthcare industry, and we are confident that his deep experience in global healthcare services will be an asset to our business," said Joel F. Gemunder, Omnicare President. "We believe Mr. Morra's leadership of Omnicare's Contract Research Services Group will bring enhanced strategic focus and a fully integrated marketing and operational approach to this business which is playing an increasingly important role in Omnicare's growth."
Morra has a Bachelor of Science in Biology from Providence College and completed the Advanced Management Program at the Wharton School of Business.
"I'm excited about the opportunities this position will offer," said Morra. "As a top-tier global CRO backed by the size and strength of Omnicare, the Contract Research Services Group is poised to significantly expand its presence in the industry. Moreover, with Omnicare positioned as the leader in geriatric pharmaceutical healthcare, its Contract Research Services Group has the opportunity to help pharmaceutical manufacturers develop, in a cost-efficient and timely manner, new drugs which provide quality of life improvements for this growing segment of the population."
Omnicare, Inc., based in Covington, Kentucky, is a leading geriatric pharmaceutical care company and contract research organization. Serving approximately 631,000 residents in 8,800 long-term institutions in 43 states, Omnicare is the nation's largest provider of professional pharmacy, related consulting and data management services for long-term care institutions and their residents. Additionally, Omnicare's CRO operates globally, providing comprehensive clinical research services for the pharmaceutical, biotechnology and medical device industries in 23 countries worldwide. In February 2000, Omnicare's Contract Research Services Group was selected as one of Eli Lilly and Company's Strategic Sourcing Partners for the conduct of selected worldwide clinical trials.
Statements in this press release concerning the impact Mr. Morra's appointment will have on the business of Omnicare the potential for expansion and development of new drugs, together with other statements that are not historical, are forward-looking statements that are estimates reflecting the best judgment of Omnicare based on currently available information. Such forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated. Such risks, uncertainties, contingencies and other factors, many of which are beyond the control of Omnicare, include overall economic, financial and business conditions; trends for the continued growth of the businesses of Omnicare; the impact and pace of technological advances; the ability of Omnicare to obtain rights to technology, to obtain and enforce patents, and to commercialize and manufacture products; the effect of new government regulations and/or legislative initiatives, including action by the U.S. Food and Drug Administration, and changes in the interpretation and application of existing regulation and legislation; the failure of Omnicare to obtain or maintain required regulatory approvals or licenses; loss or delay of contracts pertaining to Omnicare's CRO business for regulatory or other reasons; the impact of consolidation in the pharmaceutical industry; variations in costs or expenses; and other risks and uncertainties described in Omnicare's reports and filings with the Securities and Exchange Commission.
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SOURCE Omnicare, Inc.
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CONTACT: Cheryl D. Hodges of Omnicare, 606-392-3331