-- David Broecker to Become CEO, Richard Pops to Become Chairman
of the Board of Directors --
CAMBRIDGE, Mass.--(BUSINESS WIRE)--March 5, 2007--Alkermes, Inc.
(Nasdaq: ALKS) today announced its succession plan for senior
management that will become effective at the beginning of the
company's new fiscal year, April 1, 2007. David A. Broecker, Alkermes'
President and Chief Operating Officer for the past six years, will
become President and Chief Executive Officer. He will succeed Richard
F. Pops, the Company's Chief Executive Officer since 1991, who will
become Chairman of Alkermes' Board of Directors. Michael A. Wall, an
Alkermes' founder and current Chairman of the Board, will step down as
Chairman and will serve as Chairman Emeritus and part-time employee of
the company. Richard Pops will remain actively involved as a full-time
employee of the company and has entered into a three year employment
"For the past six years, David has been an essential member of
Alkermes' management team. His successes in establishing our
technology platform through the commercialization of two products and
in building Alkermes' capabilities and management team have prepared
him well to lead the company," said Richard Pops. "I have full
confidence in David's ability to lead Alkermes through our next phase
of growth, and I look forward to giving my full support to David in
his new role and continuing my involvement to ensure a seamless
transition and continued success for the company."
"I am pleased to be given the opportunity to expand my leadership
role in the execution of Alkermes' business plan," stated David
Broecker. "We are now a profitable biotechnology company with two
breakthrough drugs on the market, RISPERDAL CONSTA and VIVITROL, a
strong program in diabetes with late-stage clinical studies ongoing
for exenatide LAR and AIR Insulin, and a pipeline that will provide
the foundation for continued growth. I am excited to lead Alkermes
into the future by growing profitability, advancing our product
portfolio and developing new products in major disease areas that can
improve therapeutic outcomes for millions of patients."
David Broecker, 46, has served as President of Alkermes since
February 2001 and as the company's Chief Operating Officer since
January 2002. As President and Chief Operating Officer, his
responsibilities include all aspects of product research and
development, regulatory, quality, manufacturing, business development,
and commercialization of products. Previously, David spent 14 years
with Eli Lilly and Company, where he worked throughout its worldwide
operations, including manufacturing, process development, sales,
marketing and business development in the pharmaceutical and medical
device divisions. He is a graduate of Wabash College with a B.A. in
chemistry and mathematics. He also holds graduate degrees from the
Massachusetts Institute of Technology in chemical engineering and the
University of Chicago in business administration.
"Richard built the solid foundation for Alkermes, from a private
start-up to one of the most successful biotechnology companies today,"
commented Michael Wall. "He will continue to provide us with key
strategic insight through his active role as Chairman. We are
confident in David's ability to grow our business through the
development and commercialization of breakthrough products in
important disease areas."
Richard Pops, 44, has been Chief Executive Officer of Alkermes
since February 1991. Under his leadership, Alkermes has grown from a
privately held company with 25 employees to a publicly traded
biotechnology company with more than 800 employees in multiple
locations in the United States. In addition to Alkermes, Richard
currently serves on the Board of Directors of several biotechnology
companies, biotechnology and pharmaceutical industry associations, and
non-profit health and education organizations.
"Alkermes is a result of Michael Wall's vision. He founded this
company and has been instrumental in its success," said Richard Pops.
"Words can not begin to express the value of his guidance, leadership
and experience. Both David and I look forward to continuing our
long-standing and remarkably productive relationship with Michael."
Michael Wall, 78, is a founder of Alkermes and has been Chairman
of the Board of Alkermes since 1987. Mr. Wall was a founder of
Centocor, Inc., where he held a variety of senior positions from 1979
to 1993, including Chief Executive Officer, Chairman, Chairman
Emeritus and Chairman of the Executive Committee.
Alkermes, Inc. is a biotechnology company that develops innovative
medicines designed to yield better therapeutic outcomes and improve
the lives of patients with serious disease. Alkermes currently has two
commercial products: RISPERDAL® CONSTA® ((risperidone) long-acting
injection), the first and only long-acting atypical antipsychotic
medication approved for use in schizophrenia, and marketed worldwide
by Janssen-Cilag (Janssen), a wholly owned division of Johnson &
Johnson; and VIVITROL® (naltrexone for extended-release injectable
suspension) the first and only once-monthly injectable medication
approved for the treatment of alcohol dependence and marketed in the
U.S. primarily by Cephalon, Inc. Alkermes' pipeline includes
extended-release injectable, pulmonary, and oral products for the
treatment of prevalent, chronic diseases such as central nervous
system disorders, addiction and diabetes. Alkermes' headquarters are
in Cambridge, Massachusetts, and it operates research and
manufacturing facilities in Massachusetts and Ohio.
Certain statements set forth above may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to: statements about
the company's continued success, a successful management transition,
the company's continued growth and profitability and the successful
development and commercialization of its products and product
candidates. Although the company believes that such statements are
based on reasonable assumptions within the bounds of its knowledge of
its businesses and operations, the forward-looking statements are
neither promises nor guarantees and the company's business is subject
to significant risk and uncertainties and there can be no assurance
that its actual results will not differ materially from its
expectations. These risks and uncertainties include, among others:
whether the company can successfully transition senior management;
whether the company can continue to be profitable; whether the company
can obtain FDA and similar foreign approvals for its products and
product candidates; whether the company can successfully manufacture
and commercialize its products, RISPERDAL CONSTA and VIVITROL; whether
the company can successfully manufacture and commercialize exenatide
LAR and AIR® Insulin, if approved; and whether the company can
continue to advance its product portfolio and develop new products.
For further information with respect to factors that could cause the
company's actual results to differ materially from expectations,
reference is made to the reports the company filed with the Securities
and Exchange Commission under the Securities Exchange Act of 1934, as
amended. The company disclaims any intention or responsibility for
updating forward-looking statements made in this release.
AIR® is a registered trademark of Alkermes, Inc.; VIVITROL® is
a registered trademark of Cephalon, Inc.; RISPERDAL® CONSTA® is a
registered trademark of Johnson & Johnson Corporation.
CONTACT: Alkermes, Inc.
James Frates, 617-494-0171
Chief Financial Officer
Rebecca Peterson, 617-583-6378
Vice President, Corporate Communications
SOURCE: Alkermes, Inc.