Thomas Ryan is expected to step down from his role as CEO in May 2011, CVS Caremark announced. Larry Merlo will be his replacement and currently will assume the roles of president and chief operating officer.
CVS Caremark CEO Thomas Ryan will retire from the post next year, the company announced. Ryan, a 36-year employee who has overseen the company's growth from a small New England player to a national chain, will lighten his load in the interim by sharing duties with his likely successor, retail operations president Larry Merlo. Merlo has been named president and chief operating officer.
Takeda Pharmaceutical will eliminate nearly 1,600 jobs in the U.S., mostly in sales, as part of a plan to save more than $500 million over three years. "This will position us for success in 2010 and beyond so we can continue the important work of research and development in order to deliver important new treatments for unmet patient needs," the Japanese drugmaker said.
Pfizer agreed to fund midstage trials of Ergonex Pharma's terguride and pay milestones and other dues in exchange for rights to the blood pressure drug in all countries except Japan. Terguride, which is indicated for pulmonary arterial hypertension, was granted orphan-drug designation in the U.S. and Europe.