Avadel chief executive resigns suddenly

CEO of Dublin-headquartered pharma group replaced by chief operating officer

Avadel is a speciality pharmaceutical company. Photograph: iStock

Avadel is a speciality pharmaceutical company. Photograph: iStock

 

The chief executive of Dublin-headquartered Avadel Pharmaceuticals has resigned, while the company’s chief operating officer has been named as his interim replacement.

Michael Anderson’s resignation took effect from Thursday, the company said in a statement, with Gregory Divis named as interim chief executive while the board search for a permanent replacement.

Avadel became the group’s name in January 2017 after the French-based Flamel Technologies relocated its headquarters to the Republic to help lower its effective tax rate. The company is listed on the Nasdaq exchange in New York, with a market value of almost $103 million (€90 million). Avadel’s share price has fallen 89 per cent since July 2015 when it reached a high of $25.69.

The company’s chairman, Craig Stapleton, has also stepped down, although he will remain on the board.

“On behalf of the entire board, I would like to thank Mike Anderson for his leadership and service to Avadel and to the honourable Craig Stapleton for his past and future contributions to the company as chairman and member of the board,” said Geoffrey Glass, the company’s new chairman.

Avadel is a speciality pharmaceutical company and its flagship product is Bloxiverz, which reverses the effects of muscle relaxants after surgery. The company acquired the drug alongside its purchase of US based Eclat in 2012.