Trading Pharmaceutical Chairs

Earlier today Barr Pharmaceuticals BRI (NYSE) announced that Paul M. Bisaro, President and Chief Operating Officer resigned to take the president and chief executive position at its competitor Watson Pharmaceuticals Inc. WPI (NYSE). Bisaro has been with Barr since 1992. In 1999 he was made president and chief operating officer. Bisaro will join Watson in early September at which time he will replace the current ceo and president Allen Chao. Chao will remain chairman and Bisaro will join the company's board.

In its announcement, Barr's chairman and CEO Bruce Downey stated,

"We regret that Paul has accepted a position with Watson Pharmaceuticals," ....... He went on to say, "I can understand his desire to assume a position of higher visibility and responsibility, and I wish him well."

Watson has been showing some mixed signals to the market lately. In is latest release of second quarter results the company beat forecasts but overall sales were a bit lower than the consensus of analysts predictions. Bisaro may be just the right medicine for Watson. He has been waiting for some time to get the chance to lead and Watson is a perfect opportunity for him and the right kind of company. He is well versed in the industry. He was considered a key player in Barr's recent efforts to assimilate Pliva into its business. Pliva, the Croatian drug company, was acquired by Barr. He also has a legal and financial background which has been successfully combined with operational skills.

Stay tuned to his moves over the next few months.

For more see:

Forbes
CNNMoney
Reuters
MSN Money