Gilead veteran named innovative business CEO for Glenmark

Drug major Glenmark Pharmaceuticals, which recently decided to spin off its innovation business into a separate company in the US, has roped in Alessandro Riva, a Gilead and Novartis veteran, as chief executive officer (CEO). Riva, who joined Gilead about two years back, is leaving his post as executive vice-president of oncology.

His appointment as CEO of Glenmark’s innovation business is effective from April 2.

In mid-February, Glenmark said it has received an in-principle approval from its board to spin off the innovation business into a new company that would be headquartered in the US. The Paramus (New Jersey) company would be a wholly-owned subsidiary of Glenmark and will operate with Riva as the CEO, a management team and an independent board of directors.

The company will hold all the innovative molecules in Glenmark's pipeline, along with the pre-clinical assets, that include two R&D centres in Switzerland, the R&D unit at Mahape, Navi Mumbai, and the GMP biologics manufacturing facility in Switzerland along with around 400 employees.

Glenmark plans to unlock value from its innovation business in the long run, and this may include roping in investors or finding partners for its innovative pipeline. It aims to use the expertise of Riva to fast track its oncology programme. At present, there is a provision for accelerated approval if a drug gets a breakthrough therapy designation.