Lundbeck chief executive resigns amid scandal
pharmafile | November 25, 2014 | News story | Medical Communications, Sales and Marketing | Björklund, Lundbeck, stratified medical, ulf wiinberg
Ulf Wiinberg has resigned from his chief executive post at Denmark-based pharma giant Lundbeck following a beach of its rules relating to shares.
Håkan Björklund will be chairman of the board with extended operational responsibilities for the firm, and will act as the day-to-day leader as it searches for a chief executive replacement.
In 2013 Wiinberg omitted to request and obtain prior approval from Lundbeck’s board of directors to receive shares in the biotech company Stratified Medical from the company’s founder.
Lundbeck says this is a breach of its code of conduct, and is an ‘aggravating circumstance’ that the shares in question were in a company in which Lundbeck later invested around DKK 19 million into.
Apologising for such an ‘error’, Wiinberg says: “I am sincerely sorry for the course of events, which on my part was unintentional, and of which I myself informed Håkan Björklund. I am extremely happy about my time at Lundbeck and I am proud of having taken part in the development and strengthening of the company.
“However, based on these events, I have found it in both parties’ best interests that I resign from my position today.”
Björklund adds: “The board acknowledges Ulf Wiinberg’s considerable contributions since his appointment in 2008. Ulf Wiinberg has not only acknowledged but also apologized for his erroneous actions, but this does not change the fact that Lundbeck has a clear and unmistakable code of conduct for all employees.
“We cannot operate with degrees of compliance with our code of conduct and the board of directors therefore concurs with Ulf Wiinberg’s decision to resign.”
Wiinberg has been in the chief executive chair at Lundbeck since June 2008. Prior to this position he worked at Wyeth/Lederle for 27 years, most recently as president of Wyeth Europe and Wyeth BioPharma.
The resignation arrives at a troubling time for the firm as its sales fell dramatically in the third quarter of 2014 in the face of expiring patents, although several newer products did see growth.
The company is confident that its new schizophrenia drug brexpiprazole, co-developed with Otsuka and currently under review by the FDA, will be approved for sale in 2015. It is also hoping to launch Abilify Maintena (aripiprazole) and Carbella (Intravenous carbamazepine) next year.
Brett Wells
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