Pfizer’s Chantix Now Available, Plus New CEO Named

Pfizer’s Chantix is now available in U.S. pharmacies. The FDA approved Chantix, a prescription aid to smoking cessation, in May. Those who take Chantix will be offered the opportunity to enroll in a behavioral modification program called Getquit Support Plan at no cost. Pfizer developed the plan with help from smoking cessation experts.

When a smoker takes Chantix as part of their efforts to quit, it is believed that the medication binds to the same receptors to which nicotine would bind, but Chantix appears to activate the receptors to a much lesser extent. Also, if a person does smoke while taking Chantix, Chantix may block the nicotine from binding and lessen nicotine’s effects.

In other Pfizer news, the board of directors has appointed the company’s general counsel, Jeffrey Kindler, to assume the position of chief executive officer, succeeding Henry McKinnell, who will remain Pfizer’s chairman of the board until his retirement in February, 2007. Mr. Kindler has also been elected to the company’s board of directors.

Mr. Kindler currently serves as vice chairman and general counsel since joining the company in 2002. Prior to that, he held a number of senior positions at McDonald’s Corp., including the head of its Boston Market unit. He also served as senior counsel for General Electric Co. Prior to his appointment as chief executive officer, Mr. Kindler also served as one of Pfizer’s three vice chairmen, overseeing the company’s corporate and regulatory compliance, government relations and communications.

According to analysts this appointment could mean more acquisitions for Pfizer as part of an effort to boost its drug pipeline. Mr. Kindler takes over as the company experiences a difficult period, due largely to the expiration of patents on several major products, including Zoloft and Lipitor, as well as pressure by the FDA’s safety review of Cox-2 inhibitors, which include Pfizer’s Celebrex and Bextra—which Pfizer took off the market.

“The Board and I see the pharmaceutical industry changing rapidly. Pfizer is changing as well and aggressively transforming its business model to build the next-generation Pfizer,” said Hank McKinnell, chairman and chief executive officer. “With these initiatives well underway, it is time to transition to new leadership to accelerate the company’s transformation. I have had a great 35 years at Pfizer, and now is also the right time for me personally to pursue other interests. I have worked closely with Jeff since he joined Pfizer. Jeff is a gifted, natural leader. He knows Pfizer and has had extensive experience outside Pfizer as well. I am proud of the accomplishments of Pfizer colleagues around the world, and I look forward to all they will achieve under Jeff’s leadership.”

Speaking on behalf of the Pfizer board of directors, lead director Stanley O. Ikenberry said, “The Board is confident Jeff will do a superb job in leading the company and representing it to our shareholders and key stakeholders. Jeff is a leading advocate of change. In a tough environment, he has taken on the critical challenge of integrating policy, legal and legislative strategy to advance Pfizer’s global mission. For Pfizer to be as successful in the future as it has been in the past, we know the company must do business in new ways. Jeff is ideally suited to leading Pfizer’s transformation.