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Analyst Sees ‘Smooth Transition’ for New Allergan CFO

Irvine drug maker Allergan Inc. has a new chief financial officer as it works to fight off hostile suitor Valeant Pharmaceuticals International Inc.

The maker of Botox said last week that Jim Hindman, previously senior vice president, treasury, risk and investor relations, would succeed Jeffrey Edwards in the CFO spot. Hindman has been with Allergan since 1984 and had been in the senior vice president post since 2002.

Allergan said in a news release that Edwards, a 21-year Allergan veteran with nine years as chief financial officer, was stepping down from the position due to family commitments. Edwards is going to remain with Allergan in a nonexecutive-officer capacity to facilitate the transition.

Chief Executive David Pyott praised Edwards in the statement:

“Jeff’s strong work ethic and complete dedication have defined his tenure, and his many contributions across several roles have helped build Allergan into the successful company it is today,” he said.

Edwards informed Pyott in February that he wanted to spend more time with his family “and that he was therefore considering stepping down from the chief financial officer position at a later point in 2014.”

As for Hindman, Pyott said he was “confident that his long tenure and experience in our finance organization” would be invaluable as he assumes the CFO role.

The issue of Edwards stepping down in the midst of Allergan’s attempts to beat back Canada-based Valeant came up in one analyst’s report.

Shibani Malhotra of Sterne, Agee & Leach Inc. spoke to Edwards and Hindman on Aug. 18, shortly after the former said he was stepping down from the CFO role.

“Importantly, Edwards stressed that this was his personal decision, and as the press release states, one he first discussed with CEO David Pyott in February of this year,” Malhotra said in a client note published after the talk.

“While it may be difficult for some investors to understand why a CFO would step down during a hostile takeover ballet, we came away from our call assured that there is nothing more to the situation than Edwards had made a personal commitment earlier this year and is now choosing to stand by that commitment,” she wrote.

Malhotra’s note mentioned that she had worked closely with Hindman in his previous role “and while we will miss our interactions with Jeff Edwards, we expect a smooth transition and believe Hindman is an excellent choice for the CFO role.”

Aeolus Updates Drug Program

Mission Viejo-based Aeolus Pharmaceuticals Inc. recently said it plans to announce “a series of completed milestones in the development program” for its lead compound, AEOL 10150, for treating lung complications related to acute radiation syndrome.

Aeolus develops cancer and biodefense drugs and hasn’t yet produced a commercial product.

It has a five-year, $118 million research and development contract with the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority for AEOL 10150.

The company expects to file an investigational new-drug application for AEOL 10150 for the lung acute radiation syndrome usage, Chief Executive John McManus said in a news release.

Aeolus will report preliminary results from a clinical trial using large rhesus macaque monkeys before the end of the current quarter, he said.

UCI Researcher Figures in Drug Approval

A researcher at the University of California-Irvine played a major role in a study that led to the Food and Drug Administration’s approval of Avastin, a drug made by South San Francisco-based Genentech, for treating women with persistent, recurrent or metastatic cervical cancer.

Dr. Krishnansu Tewari, a gynecological oncologist at UC Irvine, was the lead investigator in a study that assessed the efficacy and safety of Avastin plus chemotherapy drugs for persistent, recurrent or metastatic cervical cancer.

The study involved 452 women and met its primary end point of improving overall survival of women who received the Avastin combination as opposed to chemotherapy alone.

Avastin is now approved in the U.S. to treat five distinctive tumors, according to Genentech. The biotechnology company is a member of Switzerland-based Roche Group.

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