GW Pharmaceuticals PLC- ADR (NASDAQ:GWPH) ), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced that the Company has appointed Julian Gangolli as President of North America and is also relocating its Chief Executive Officer, Justin Gover, to the United States.
Mr. Gangolli was, from 2004 until April 2015, President of the North American Pharmaceutical division of Allergan Inc, with responsibility for a 1,400-person integrated commercial operation with sales exceeding $3.8 billion in 2014. As a Corporate Vice President and member of the Executive Committee, Allergan’s most senior leadership team overseeing worldwide operations, Mr. Gangolli was an integral part of the executive management team that transformed Allergan into one of the leading specialty pharmaceutical companies in the U.S. Mr. Gangolli will join GW in June and is expected to be appointed to the Company’s Board of Directors.
Dr. Geoffrey Guy, GW’s Chairman stated, “As Epidiolex® nears its final stages of clinical development and as GW prepares for future U.S. launch, the time is right to start building our in-house U.S. commercial infrastructure. Julian’s deep experience at building and running a major U.S. pharmaceutical business built on specialty products will be complemented by the relocation of Justin to the U.S. with his intimate knowledge of GW, its products and pipeline. Together, they will spearhead GW’s growth in the U.S. and help to bring much needed new treatments to patients.”
“I am very excited about building a meaningful commercial presence in the U.S. for GW. As exemplified by Epidiolex, a potentially important new treatment in the field of pediatric epilepsy, GW’s products, if approved, offer the prospect of making a meaningful difference to patients’ lives,” said Mr. Gangolli. “I wish to bring my experience of building a successful business for Allergan to GW and look forward to working with Justin and the entire GW team to optimise the Company’s prospects in this key market.”
GW will locate its U.S. operation in Southern California where Mr. Gangolli and Mr. Gover will be based. GW is also continuing to expand its UK manufacturing and R&D operations in preparation for future commercialization as well as pipeline development. GW currently employs 325 staff in the UK, up from 190 two years ago.
As President, North America Pharmaceuticals, Mr. Gangolli’s responsibilities represented over 50% of Allergan’s revenue, 60% of its profit, and over 60% of its year-on-year profit growth. He was responsible for four business units supporting each of the specialty areas of Ophthalmology/Optometry (Eye Care), Neurosciences, Urology and Medical Dermatology for the U.S. and Canada, each of which are considered category leaders in their respective therapeutic areas. In addition to his commercial responsibilities, Mr. Gangolli had responsibility for strategic planning, business development, research and product development planning for the North American division. Prior to his role as President, North America, Mr. Gangolli was Senior Vice President, U.S. Eye Care, at Allergan from 1998 to 2004. Allergan’s Eye Care business unit has grown from $150 million in 1998 to over $2.3 billion in 2014 and is considered the leading ophthalmic pharmaceutical company ranked by quality and service with U.S. ophthalmologists. Prior to Allergan, Mr. Gangolli was Vice President, Sales and Marketing at VIVUS, Inc. where he established from inception a fully functioning commercial operation. Prior to VIVUS, Mr. Gangolli held roles atSyntex Pharmaceuticals, Inc. and Ortho-Cilag Pharmaceuticals Ltd. in the UK. He grew up and was educated in theUK and is a U.S. citizen. (Original Source)
Shares of GW Pharmaceuticals plc closed yesterday at $112.93 . GWPH has a 1-year high of $126.78 and a 1-year low of $58.16. The stock’s 50-day moving average is $105.97 and its 200-day moving average is $84.94.
On the ratings front, GW Pharmaceuticals plc has been the subject of a number of recent research reports. In a report issued on April 22, Piper Jaffray analyst Joshua Schimmer reiterated a Buy rating on GWPH, with a price target of $147, which implies an upside of 30.2% from current levels. Separately, on April 14, Leerink Swann’s Joseph Schwartz reiterated a Buy rating on the stock and has a price target of $120.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joshua Schimmer and Joseph Schwartz have a total average return of 14.1% and 30.6% respectively. Schimmer has a success rate of 64.0% and is ranked #210 out of 3606 analysts, while Schwartz has a success rate of 68.1% and is ranked #54.
GW Pharmaceuticals PLC is engaged in the research, development and commercialisation of cannabinoid prescription medicines to meet patient needs.