ELAN, THE Irish pharmaceuticals group, has extended the mandate of its chief executive after failing to find a suitable replacement at a pivotal stage in its Alzheimer’s drug development pipeline.
The board said yesterday that, despite an eight-month search, it had asked Kelly Martin to stay beyond his planned departure in May this year. This comes almost a decade after his appointment in 2003.
The move comes as Elan awaits results of late-stage clinical trials for its compound Bapineuzumab, which the company described as “potentially of transformational significance for Elan”.
Elan’s partners Pfizer and Janssen, part of Johnson Johnson, which are running the tests, have said trial results are expected in the second half of this year.
Robert Ingram, Elan’s chairman, said: “After much thought and consideration, the full board and I believe that Elan and our shareholders will be best-served by having Kelly continue his leadership through this critical period and strategic inflection point in the company’s progression.” – (Copyright The Financial Times Limited 2012)
