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SQUIBB COMBINING PHARMACEUTICALS AND REMAINING MEDICAL PRODUCTS

Executive Summary

SQUIBB COMBINING PHARMACEUTICALS AND REMAINING MEDICAL PRODUCTS businesses in the wake of a recent decision to spinoff its high technology operating segments. "Effective Sept. 1, a new Squibb Operating Group will combine the remaining businesses of the Pharmaceutical Products Group and the remaining businesses of the Medical Products Group," Chairman Richard Furlaud stated in an Aug. 28 press release. "The Science and Technology Group and the Personal Products Group are not affected by the change." Under the reorganization, ConvaTec, Edward Weck & Company and the Weck Medical Instrument Group, the three operating units not included in the recently announced Westmark spinoff, will be merged with the company's drug business. Overall management responsibility for the new group will rest with Squibb Exec VP Jan Leschly, the release notes. On July 9, Squibb announced its intention to merge its Advanced Technology Labs and Spacelabs units, along with its overseas ultrasound distribution operations into an independent company, Westmark International ("The Pink Sheet" July 14, T&G-3). Later that month, the company announced the creation of a new division, SquibbMark, to market its OTC and off-patent Rx products via a separate, 70-rep sales force. At the same time, the company put up for sale its Charles of the Ritz cosmetics subsidiary. The moves appear to fit with an evolving Squibb strategy to subdivide its business into smaller, more specialized units. Last May, Squibb established a new drug unit, Princeton Pharmaceuticals, to detail Corgard, Corzide and other products. That move alleviated a product positioning dilemma with Capoten. Earlier in 1986, Squibb established a separate unit to distribute hospital generic products, Squibb Marsam. The release also noted other management changes at Squibb: Charles Baker, president of Squibb International, and William Weathersby, president of Squibb U.S., become corporate group VPs as well as members of the executive management committee; and Louis DiFazio, PhD, Patrick Diassi, PhD, Robert Gardiner, Joseph Solari, Jr., Richard Druckman and Howard Harrison were elected corporate VPs. In addition, Leschly will become a member of the management development and organization committee of the corporation, the release notes.

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