DuPont plans pharmaceuticals split

Published: 3-Feb-2001
Finance


The world's largest chemical company, DuPont, has confirmed that it is to separate its pharmaceuticals division. The company is currently considering options for the disposal of the division.

DuPont Pharmaceuticals has a strong presence in the antiviral therapy market, based on its flagship product Sustiva. Many of its products are soon to face price pressures from generic versions, however, and it has no drugs in late-stage clinical development. The early-stage pipeline is promising but. according to the business's chief executive, Richard De Schutter, the earliest possible launch date for any new products is 2004.

The pharmaceutical division accounted for 30% of DuPont's US$18bn r&d budget last year, but only 5.3% of its US$30bn revenues. Because of this, the firm appointed De Schutter to head a six-month strategic review to determine the business's future, and has now appointed him as chairman, president and chief executive of the drugs business, replacing Nicholas Teti, who has decided to retire.

'We have concluded that full realisation of the business's potential can be best realised outside DuPont,' said chairman and chief executive Charles Holliday Jr. 'We will evaluate all separation options, including an IPO, and will choose the one that can best contribute to our shareholder value objectives.'

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