Aim to Build on Prior Successes and Create Long-Term Value
Michael Jaharis understood how to create long-term value through the building of sustainable pharmaceutical businesses. Michael’s leadership enabled Key Pharmaceuticals to become a pioneer in the respiratory and cardiovascular areas. In 1986, Key merged with Schering-Plough. Kos Pharmaceuticals, a company that Michael founded in 1988, became a market leader in the cardiovascular and respiratory fields. Kos was acquired by Abbott Laboratories in 2006.
Kevin Ferro served as a member of the Board of Directors of Kos Pharmaceuticals, and Sundar Kodiyalam was a member of senior management at Kos as its Senior Vice President of Commercial Development & New Business Ventures. Following the acquisition of Kos by Abbot Laboratories in 2006, Sundar and Kevin joined with Michael to build on his successes at Key and Kos.
Key Pharmaceuticals was a specialty pharmaceutical company on the verge of bankruptcy when it was acquired by Michael Jaharis and Phil Frost, who then grew the business through the launch of innovative products focused on respiratory and cardiovascular areas. As Chief Executive Officer from 1972 to 1986, Michael grew the company from $2 million to $182 million in worldwide sales. Key was one of the early pioneers of drug delivery technology, including in the trans-dermal and aerosol areas.
Key designed, developed and marketed products including:
- Theo-Dur, which became the most prescribed asthma product in the U.S.
- Nitro-Dur nitroglycerin patch, the market leader and the first major advance in the delivery of cardiovascular medicine through the skin
- Aerobid, an inhaled corticosteroid for asthma
Key merged with Schering-Plough Corporation in 1986, in a transaction valuing Key at $836 million.
Kos Pharmaceuticals was a leading specialty pharmaceutical company founded by Michael Jaharis, along with former Key associates. Kos was built upon Michael’s belief in the potential for therapies that raise HDL cholesterol (good cholesterol). Kos used three avenues to become the fastest growing pharmaceutical company and the sixth fastest growing company overall in the United States in 2005 according to Fortune Magazine:
- New product research and development
- Targeted sales and marketing, including life-cycle management
- Acquisitions and in-licensing
Kos designed, developed and marketed products including:
- Niaspan, the first-in-class and market-leading therapy to raise HDL cholesterol
- Advicor, a combination therapy for dyslipidemia
- Azmacort, an inhaled corticosteroid for asthma
- Cardizem LA, a chronotherapeutic and anti-hypertensive
Kos built a robust pipeline of compounds including:
- Simcor, a fixed-dose combination of Niaspan and simvastatin offering optimal HDL-raising and LDL-lowering in one product
- Firazyr (icatibant) an in-licensed product for the treatment of hereditary angioedema
- Flutiform, an inhaled corticosteroid/long-acting beta agonist for asthma, licensed by Kos, combining market-leading monotherapies in one product
In 1997, Kos went public with a market cap of $225 million. The company was later acquired by Abbott Laboratories for $4.2 billion in December 2006.