ANAHEIM, Calif., June 10, 2013 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today announced the addition of Angus C. Russell, recently-retired Chief Executive Officer of Shire plc, to Questcor's Board of Directors.
Shire is a global specialty biopharmaceutical company whose 2012 revenues exceeded $4.6 billion. During Mr. Russell's five-year tenure as Chief Executive Officer, Shire introduced several new products, grew revenues over 50%, and increased earnings approximately five-fold to $745 million. Previously, Mr. Russell was Chief Financial Officer at Shire from 1999 to 2008, during which time its revenues grew from less than $220 million to nearly $3 billion and its earnings grew from $20 million to $156 million. Shire's market capitalization grew from $1.4 billion when Mr. Russell joined the company in 1999 to $17.5 billion when he retired at the end of April.
"Angus is a respected biopharmaceutical industry leader with a proven track record in specialty pharmaceuticals," said Virgil D. Thompson, Chairman of Questcor's Board of Directors. "Over his many years at Shire, Angus spearheaded and achieved numerous initiatives and helped to transform the company into the global industry leader that it is today. We look forward to benefitting from Angus' 32 years of experience in the specialty pharmaceutical industry as we continue to focus on the treatment of patients serious, difficult-to-treat autoimmune and inflammatory disorders."
In addition to serving as Chief Executive Officer at Shire from 2008 until his retirement in April 2013, Mr. Russell was also the Chairman of Shire's Leadership Team and was previously a lead member of the Shire Management Committee that devised and implemented Shire's long-term, focused business strategy."Questcor has succeeded in helping many patients with difficult-to-treat autoimmune and inflammatory disorders over the last several years as the Company has supported the rapid adoption of its unique product, H.P. Acthar ® Gel by physicians in several medical specialties," Mr. Russell said. "The growth of scientific knowledge regarding the importance of the melanocortin receptors in immunomodulation provides Questcor with a large potential growth opportunity over the next few years. I am pleased to join the Board at this exciting time and look forward to helping the Company to pursue the many opportunities that lie ahead." Prior to joining Shire, Mr. Russell served at ICI, Zeneca, and AstraZeneca for 19 years, most recently as Vice President of Corporate Finance at AstraZeneca PLC. In that role he was responsible for financial input into merger and acquisition activities, management of tax, legal and finance structure, investor relations, and the management of various financial risks. Mr. Russell also held a number of positions within Zeneca Group PLC from 1993 until 1999, including Group Treasurer. He is a chartered accountant, having qualified with Coopers & Lybrand (now PricewaterhouseCoopers LLP).
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