Ex Shire CEO Ornskov Resurfaces To Lead Skin Group Galderma
Executive Summary
A group of investors has bought Nestlé Skin Health, renamed it Galderma to capitalize on its legacy in dermatology and put M&A veteran, former Shire CEO Flemming Ornskov, at its helm.
Flemming Ornskov, the former chief of Shire PLC, which was absorbed this year by Takeda Pharmaceutical Co. Ltd., has reappeared as head of Nestle Skin Health SA – newly rebranded as Galderma – with a remit to spearhead and grow the dermatology group’s presence in the US and China.
The Dane and former physician headed rare disease specialist Shire from April 2013 until it was bought this year by Takeda. In that five-year period he oversaw huge expansion at Shire, growing its revenues – through organic growth and acquisitions – from $4bn to $15bn. (Also see "Takeda Raises Guidance On Divestments, Improved Velcade Outlook " - Scrip, 31 Jul, 2019.)
Ornskov’s appointment as Galderma’s CEO, announced on 2 October, followed its relaunch as the world’s biggest independent dermatology company after Nestle Skin Health was sold by Nestle SA to a consortium of private equity investors for CHF10.2bn ($10.1bn) in May. The rebranding highlights key brands marketed by Nestle Skin Health's Galderma business, such as the wrinkle-reducing injection Dysport (abobotulinumtoxinA) and the consumer brand Cetaphil.
Ornskov replaced Stuart Raetzman, who had previously led Galderma and prepared the unit for its separation from Nestlé. Raetzman is a member of the independent group’s board.
“The management and team at Nestlé Skin Health have done an excellent job creating a high-growth, leading dermatology business,” Ornskov said in a statement.
“I believe that Galderma, as a newly focused pureplay dermatology business, has outstanding prospects built on its existing quality portfolio, team and rich pipeline of innovation. I look forward to working with the talented Galderma team to further build on its success to date,” he said without elaborating.
Just how the former Shire head will marry his insights as an ex-physician and ex-CEO at a rare disease company for use at a dermatology specialist remains to be seen.
His team and investors received good news on 4 October with the approval by the US Food and Drug Administration (FDA) of Aklief (trifarotene) Cream, for the topical treatment of acne. The cream thereby became the first new retinoid molecule to receive clearance by the regulator for the treatment of acne in more than two decades.
Its approval by the FDA was supported by data from the two pivotal Phase III clinical trials of once-daily Aklief Cream in patients with moderate acne on the face and trunk.
The cream is set to be available in the US next month and be provided in a 45g pump.
Galderma said it was “working closely” with payers, providers and pharmacy benefit managers to ensure broad and rapid access to Aklief Cream.