Pharmaceutical Executive Digest Europe - February 11, 2009 - (Page 9) Executive Profile Under fire For the time being, though, Olafsson still has other political issues to focus on. Last month the news broke that Actavis may be up for sale, with a reported price tag of around $6 BN according to one report; €8 BN according to another.* He again points out that this dates back to before the Iceland crash. “In September last year, our owners Novator asked Merrill Lynch to look for strategic options for the company. The idea was how can we take Actavis to the next level? Is it by buying something new, by merging, by IPO-ing it at some point? People ask me why think about that now in this economic environment, and that’s exactly what Merrill Lynch is looking into. Is it the right time? Would Big Pharma be interested buying? It’s all being conducted very open mindedly; we’re considering all the options.” But that’s not the last PR issue on Olafsson’s plate. In August, the company announced a voluntary recall of all products manufactured at the Little Falls, New Jersey facility of the Company’s subsidiary, Actavis Totowa LLC. This followed an FDA inspection of Actavis Totowa that fell below the Agency’s standards. Olafsson adds that the business failed by Actavis’ standards as well. Production was in fact about to move to a new facility when the FDA reported back. Olafsson is restricted by the ongoing legal process to delve too deeply into the details, but he says that “we have now signed a consent agreement with the FDA which will allow us to reintroduce Actavis Totowa product at the right time.” With all this political fire to fight, I wonder if there are times when Olafsson misses the actual science. “Absolutely,” he says with a smile. “I did my masters in pharmacology. I was looking into the effect of cod liver oil on stomach ulcers in rats. I intended to be an academic when I graduated, but working at the science institute was not very well paid and I needed to put a bit more food on the table.” But he continues to be excited by the day-to-day role of running the world’s fifth biggest generics company. “You don’t always know what’s going to happen a week or two weeks from now, but that’s what makes it an interesting job,” he explains. “We have a good company and great people in the organisation. We’re all really proud of what we’ve built up. I think, to go through what we went through last year really shows the strength of Actavis. And we have the opportunity of changing things — that’s not something everybody has.” The idea of change is certainly gripping Iceland. Throughout my stay, protesters have surrounded the country’s government buildings. They’re not quite the rioting students of Paris, May 1968 — more a few affable-looking women banging home-made drums and hurling the odd egg — but they make their point. As I bid Mr Olafsson farewell and make my way back to the hotel, the taxi driver informs me that the Prime Minister, Geir Haarde, has announced the immediate resignation of the government. This is two days after Haarde reported he was taking leave on health grounds and would not seek re-election. Within days, an interim government is to be formed, ahead of a general election scheduled for April. Amidst all this, Actavis seems like a model of stability. * On 4 February it was announced that Actavis was now inviting takeover bids. Sanofi-aventis, Teva and Watson Pharmaceuticals are reported to be among the potential buyers. The best things in life are for sharing Forward your copy of Pharm Exec Europe to a friend Don’t forget to forward your weekly issue of the Pharm Exec Europe digest to a friend or colleague or you can subscribe by clicking here 10 DIAGNOSTICS Change your patients, not your drugs 13 BUSINESS ETHICS Could you blow the whistle? 16 ON THE MOVE This weeks appointments and promotions 2 FROM THE EDITOR A week in pharma is a long time https://www.advanstar.com/subscriptions/subscribe.asp?subid=79 https://www.advanstar.com/subscriptions/subscribe.asp?subid=79
Table of Contents Feed for the Digital Edition of Pharmaceutical Executive Digest Europe - February 11, 2009 Pharmaceutical Executive Digest Europe - February 11, 2009 Contents From the Editor News Calendar Actavis Exclusive Diagnostics Business Ethics On the Move Pharmaceutical Executive Digest Europe - February 11, 2009 Pharmaceutical Executive Digest Europe - February 11, 2009 - Contents (Page 1) Pharmaceutical Executive Digest Europe - February 11, 2009 - From the Editor (Page 2) Pharmaceutical Executive Digest Europe - February 11, 2009 - News (Page 3) Pharmaceutical Executive Digest Europe - February 11, 2009 - News (Page 4) Pharmaceutical Executive Digest Europe - February 11, 2009 - Calendar (Page 5) Pharmaceutical Executive Digest Europe - February 11, 2009 - Calendar (Page 6) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 7) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 8) Pharmaceutical Executive Digest Europe - February 11, 2009 - Actavis Exclusive (Page 9) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 10) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 11) Pharmaceutical Executive Digest Europe - February 11, 2009 - Diagnostics (Page 12) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 13) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 14) Pharmaceutical Executive Digest Europe - February 11, 2009 - Business Ethics (Page 15) Pharmaceutical Executive Digest Europe - February 11, 2009 - On the Move (Page 16)
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