ANAHEIM, Calif., Nov. 12, 2013 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today announced the addition of G. Kelly Martin, President and Chief Executive Officer of Elan Corporation, plc, to Questcor's Board of Directors, bringing the number of directors to eight, seven of whom are independent.
Mr. Martin has served as Elan's President, Chief Executive Officer, and a member of its Board of Directors since February 2003. During Mr. Martin's tenure, he led a strategic plan to restructure Elan's business; built a diverse portfolio of scientific, clinical and therapeutic assets; and improved the company's balance sheet by eliminating $4.5 billion in debt and obligations and strengthening its cash position. Elan's market capitalization grew from approximately $500 million when Mr. Martin joined the company in February 2003 to over $8.5 billion when Elan announced the proposed sale of the company to Perrigo Inc. in July 2013.
"Questcor management and members of the board have known Kelly Martin for several years, having interacted with him and Elan twice regarding possible collaborations," said Virgil D. Thompson, Chairman of Questcor's Board of Directors. "We have great respect for the success Kelly has achieved as the chief executive officer of an international pharmaceutical company. He led strategic initiatives that transformed Elan, generating compound annual shareholder value growth in the mid-teens over his 10 year tenure, resulting in significant gains for Elan shareholders. His insights will be invaluable for Questcor."
"This is a very exciting time to join Questcor as the Company has a strong platform and clear plan for growth over the next several years with its unique product, H.P. Acthar® Gel, and its newest compound Synacthen®," Mr. Martin said. "I have had the opportunity to get to know Questcor and interact with management on several occasions over the past few years and admire management's passion, tenacity and integrity, which drive their commitment to make these products available to appropriate patients who need additional treatment options."