Impax Laboratories, Inc. announced that its Board of Directors has appointed Paul M. Bisaro as Impax's President and Chief Executive Officer and a member of the Company's Board, effective March 27, 2017. Mr. Bisaro will succeed J. Kevin Buchi, who has served as Interim President and Chief Executive Officer since December of 2016.
With 25 years of generic and branded pharmaceutical experience, Mr. Bisaro, 56, is an accomplished global business leader who brings a successful record of leading operational execution and corporate transformation, resulting in company growth. He previously served as Executive Chairman of Allergan, plc (formerly Actavis, plc), President and CEO of Actavis (formerly Watson Pharmaceuticals, Inc.) and Chairman of the Board.
"We are pleased to have Paul, a highly respected and accomplished leader, with a strong track record of delivering superior shareholder returns and financial performance, join Impax as our new CEO," said Robert L. Burr, Chairman of Impax Laboratories, Inc. "Following a thorough review of candidates, the Board determined that Paul's broad experience across the specialty pharmaceutical industry and demonstrated ability to grow and transform an organization, make him the right person to oversee the Company's future direction. On behalf of the entire Board, I would also like to thank Kevin for his leadership in stepping into the interim CEO role."
"I am excited about the opportunity to lead Impax to its full potential in a rapidly changing environment," said Mr. Bisaro. "Impax has a strong reputation for its drug delivery, formulation and product development capabilities. We will continue to focus on developing high-quality products that meet the unique needs of our patients. Combining our R&D priorities with providing best in class customer service will provide additional value to our customers and deliver value for our shareholders."
Prior to joining Watson in 2007, Mr. Bisaro was President, Chief Operating Officer and a member of the Board of Directors of Barr Pharmaceuticals, Inc., a global specialty pharmaceutical company (Barr), from 1999 to 2007. Between 1992 and 1999, Mr. Bisaro served as General Counsel of Barr, and from 1997 to 1999, served in various additional capacities. Prior to joining Barr, he was associated with the law firm Winston & Strawn and a predecessor firm, Bishop, Cook, Purcell and Reynolds, from 1989 to 1992. He also served as a Senior Consultant with Arthur Andersen & Co.
Mr. Bisaro currently serves on the board of directors of Allergan, Zoetis, Inc. and on the Board of Visitors of the Catholic University of America's Columbus School of Law. Mr. Bisaro also serves on the Board of Zimmer Biomet Holdings, Inc. but has notified the board that he will not stand for re-election as a director at the company's 2017 annual meeting of stockholders. He also served as Chairman of the Board of the Generic Pharmaceutical Association (GPhA) in 2010 and 2011.
Mr. Bisaro received his undergraduate degree in General Studies from the University of Michigan and a Juris Doctor from Catholic University of America in Washington, D.C.