Endo Internat (NASDAQ:ENDP) has hired a new CEO to take over.
The drugmaker officially named Paul V. Campanelli as president and CEO effective immediately. He will replace Rajiv De Silva, who was CEO and a board member.
The company — which has its U.S. headquarters in Malvern — looked internally for its replacement as 54-year-old Campanelli was the boss at Par Pharmaceutical, a company that Endo bought last year. He served as the company’s generic and over-the-counter drugs business after the $8 billion acquisition was sealed.
The generic and OTC segment of the company totaled 60% of its revenues in the first half of the year. Endo chairman Roger Kimmel said the board is very happy with the move as it will expand the company’s brand in the U.S., as well as its generic and international pharmaceutical business.
“We’ve got a team, and they’re out there pursuing opportunities both on the brand and generic side,” said the new CEO on an investor’s call.
Endo hopes to improve in all areas, forcing the company to make some difficult decisions moving forward.
ENDP stock is up 15.9% Friday. The stock has fallen from nearly $80 per share in January down to less than $24 per share in September.
“We are optimistic about the leadership move and look for insights on how he will adapt the company’s hybrid strategy to best manage through challenges,” said an analyst.
