This has been quite a week for JP. The unflappable Frenchman is retiring as ceo of the drugmaker in his own inimitable style. First, hewalks out on a BBC radio interview because the journalist insisted he answer questions about disclosing Paxil documents as requested by UK regulators.
Then, he dumps on AstraZeneca when asked at Glaxo's annual meeting about the prospects of doing a big deal, perhaps with his crosstown rival. According to the Deal Journal blog, JP says Glaxo isn't "keen on making big acquisitions,” and that AstraZeneca, in particular, would be a bad fit.
Such a deal would probably raise anti-trust problems, he explains, since both sell meds for respiratory disease. Then, he cheekily derided AstraZeneca’s pipeline. “What kind of future do they have? What kind of pipeline do they have?" he intoned. "Why would you trade down?”
This reminds us of an old saying - it takes one to know one.
Hat tip to the WSJ Deal Journal
5 Comments
What is it with retiring CEOs? First Vagelos, then Taurel, now Garnier. Instead of walking away towards their sunset, they choose to blast the industry and other companies.
Good point Paul. I think hubris and the imminent loss of the podium are big factors. One last lunge for the mike is rarely pretty is it?
Oh please, all these execs badmouth the competition. You should hear Bob Ruffolo talk about the competition. It's a good thing that transcripts aren't kept.
No transcript? Then send us the tape!
ed
Chris wrote: "...One last lunge for the mike is rarely pretty is it?"
LOL. No, it's not. But, WTF, right - it's tough to quit at the top? I'd still pay good money to see JP get the crap beaten out of him, now his manager's having to cherrypick third rate opponents, who don't have enough punching power to put him out of his misery!
Matt