BRISTOL, Tenn., July 16 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) reported today that the Company's Board of Directors has
concluded its search to select the Company's new top executive officer and has
appointed Brian A. Markison as King's President and Chief Executive Officer.
King also announced the election of Mr. Markison to the Company's Board of
Directors.
Mr. Markison stated, "I am very pleased to accept this excellent
opportunity. Since joining King earlier this year, I have grown even more
confident in the ability of our Company and its employees to successfully
enhance shareholder value as we more fully leverage the superb foundation and
capabilities that our Company has worked hard to establish since King's
inception ten years ago."
Ted G. Wood, Chairman of King, stated, "I am extremely pleased to announce
our selection of Brian Markison as our Company's President and Chief Executive
Officer and his appointment as a member of our Board of Directors. Brian has a
tremendous level of experience in our industry, having worked in a wide
variety of key executive management positions with one of the world's top
pharmaceutical companies, strong business acumen, and superb leadership
skills. Accordingly, we have great confidence in Brian's ability to
successfully lead King Pharmaceuticals."
Mr. Markison has distinguished himself for over 22 years in a variety of
strategic, sales, marketing, international, and domestic general management
positions within Bristol-Myers Squibb Company. Prior to joining King as its
Chief Operating Officer on March 8, 2004, he served as President of Bristol-
Myers Squibb's Oncology, Virology and Oncology Therapeutics Network
businesses.
About King Pharmaceuticals
King, headquartered in Bristol, Tennessee, is a vertically integrated
branded pharmaceutical company. King, an S&P 500 Index company, seeks to
capitalize on opportunities in the pharmaceutical industry through the
development, including through in-licensing arrangements and acquisitions, of
novel branded prescription pharmaceutical products in attractive markets and
the strategic acquisition of branded products that can benefit from focused
promotion and marketing and product life-cycle management.
Forward-looking Statements
This release contains forward-looking statements, which reflect
management's current views of future events and operations, including, but not
limited to, statements pertaining to the enhancement of shareholder value.
Some important factors which may cause results to differ materially from such
forward-looking statements include dependence on King's and Wyeth
Pharmaceuticals' ability to successfully market Altace(R) (ramipril) under the
co-promotion agreement between King and Wyeth; dependence on the development
and implementation of successful marketing strategies for Altace(R) by King
and Wyeth; dependence on growth of net sales of King's branded pharmaceutical
products, particularly Altace(R), Skelaxin(R) (metaxalone), Sonata(R)
(zaleplon), and Thrombin-JMI(R) (thrombin, topical, bovine, USP); dependence
on the successful marketing and sales of King's products, including, but not
limited to, Altace(R), Skelaxin(R), Levoxyl(R) (levothyroxine sodium tablets,
USP), and Sonata(R); dependence on royalty revenues from Adenoscan(R)
(adenosine); dependence on King's ability to reposition Sonata(R) in the
insomnia marketplace and expand upon its opportunities in that market with an
extended release formulation of Sonata(R); dependence on management of King's
growth and integration of its acquisitions; dependence on the extent to which
the U.S. Securities and Exchange Commission ("SEC") and the Office of the
Inspector General ("OIG") and other governmental agencies concur with King's
best estimate of the extent to which it underpaid amounts due under Medicaid
and other governmental pricing programs and King's determination of the
reasons for such underpayments; dependence on any determination or final
outcome arising out of the previously announced investigations of the Company
by the SEC and OIG; dependence on whether King is able to prevail in pending
shareholder securities litigation; dependence on the extent to which any
governmental sanctions are imposed due to King's underpayment of amounts due
under Medicaid and other governmental pricing programs; dependence on the
possibility that regulatory authorities may initiate proceedings against King
and/or its officers and directors; dependence on King's ability to continue to
acquire branded products, including products in development; dependence on the
high cost and uncertainty of research, clinical trials, and other development
activities involving pharmaceutical products, including, but not limited to,
King Pharmaceuticals Research and Development's pre-clinical and clinical
pharmaceutical product development projects, including binodenoson, T-62, and
MRE0094; dependence on the U.S. Food and Drug Administration's ("FDA")
approval of King's supplemental New Drug Application ("sNDA") for Intal(R) HFA
(cromolyn sodium); dependence on King's and Elan's ability to successfully
develop new formulations of Sonata(R); dependence on the unpredictability of
the duration and results of the FDA's review of Investigational New Drug
Applications ("IND"), New Drug Applications ("NDA"), sNDAs, and Abbreviated
New Drug Applications ("ANDA") and/or the review of other regulatory agencies
worldwide; dependence on King's ability to maintain effective patent
protection for Altace(R) through October 2008, and successfully defend against
any attempt to challenge the enforceability of patents relating to the
product; dependence on King's ability to maintain effective patent protection
for Sonata(R) and Skelaxin(R), including new formulations of such products,
and successfully defend against any attempt to challenge the enforceability of
patents relating to the products; dependence on the ability of the Company's
dedicated field sales force representatives to successfully market King's
branded pharmaceutical products; dependence on whether our customers order
pharmaceutical products in excess of normal quantities during any quarter
which could cause our sales of branded pharmaceutical products to be lower in
a subsequent quarter than they would otherwise have been; dependence on the
extent to which Inventory Management Agreements facilitate enhanced management
of wholesale channel inventories of our products going forward; dependence on
King's ability to continue to successfully execute the Company's proven growth
strategies and to continue to capitalize on strategic opportunities in the
future for sustained long-term growth; dependence on the availability and cost
of raw materials; dependence on no material interruptions in supply by
contract manufacturers of King's products; dependence on the potential effect
on sales of our existing branded pharmaceutical products as a result of the
potential development and approval of a generic substitute for any such
product or other new competitive products; dependence on the extent to which
therapeutic substitution for Levoxyl(R) occurs; dependence on the potential
effect of future acquisitions and other transactions pursuant to our growth
strategies on King's financial results; dependence on our compliance with FDA
and other government regulations that relate to our business; and dependence
on changes in general economic and business conditions; changes in current
pricing levels; changes in federal and state laws and regulations; and
manufacturing capacity constraints. Other important factors that may cause
actual results to differ materially from the forward-looking statements are
discussed in the "Risk Factors" section and other sections of King's Form 10-K
for the year ended December 31, 2003 and Form 10-Q for the first quarter ended
March 31, 2004, which are on file with the U.S. Securities and Exchange
Commission. King does not undertake to publicly update or revise any of its
forward-looking statements even if experience or future changes show that the
indicated results or events will not be realized.
SOURCE King Pharmaceuticals, Inc.
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Related links:
http://www.kingpharm.com
Company News On-Call:
http://www.prnewswire.com/comp/120319.html
CONTACT:
James E. Green, Executive Vice President,
Corporate Affairs of King Pharmaceuticals, Inc., +1-423-989-8125
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