BEDMINSTER, N.J., Nov. 17, 2013 /PRNewswire/ -- Francois Nader, MD, President and CEO of NPS Pharmaceuticals, has been named the EY Entrepreneur Of The Year 2013 National Life Sciences Award winner. The EY Entrepreneur Of The Year Award is the country's most prestigious business award for entrepreneurs. The award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
Dr. Nader was recognized for leading NPS from dire circumstances to a thriving, $1+ billion market cap life sciences company in a very short period of time. He was honored at the Entrepreneur Of The Year Awards gala, the culminating event of the EY Strategic Growth Forum® in Palm Springs, Calif. The Forum is the nation's premier gathering of high-growth, market-leading companies. Awards were given in 10 additional categories. The EY Entrepreneur Of The Year Award winners were selected by an independent panel of judges from more than 250 regional award recipients.
"We are pleased to honor Dr. Francois Nader with this esteemed award and recognize him for his entrepreneurial vision, drive and determination – all of which continue to make a positive impact on the future of health care," said Bryan Pearce, EY Americas Director, Entrepreneur Of The Year.Navigating through "the perfect storm"Dr. Nader describes the state of NPS when he arrived in 2006 as "the perfect storm." The then-management team genuinely believed that their lead product in development would soon be approved. They were so sure they would be a revenue generating company in the very near term they took on significant debt without blinking an eye. Unfortunately, the product approval never came to fruition, and NPS did not know where to turn. There was no "Plan B," so the company found itself with a stock price that plummeted 80% and hundreds of employees that it suddenly did not need. When Dr. Nader joined and examined the company's assets he concluded that they could be redeployed in a new direction to create value. He moved NPS to a virtual business model - retaining only core competencies in-house and outsourcing or partnering the rest, giving the company access to specific expertise, technologies, and facilities, only as needed.