- Signs for push-out forces
- After almost four years on the job
- Laud, praise and thanks for Riggs
- Pete Meyers taking over
(exechange) — Woodcliff Lake, New Jersey, May 15, 2017 — David Riggs, finance chief of Eagle, leaves. It is an abrupt change. As announced by Eagle Pharmaceuticals, Inc. in a news release and in a regulatory filing published on Monday, May 15, 2017, David E. Riggs leaves the post as Chief Financial Officer at the specialty pharmaceutical company in a surprising move after almost four years on the job, effective immediately.
Riggs’ duties are taken over by Pete Meyers, most recently Chief Financial Officer at Motif BioSciences Inc.
The fact that Riggs’ successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
No reason given
In the announcement, Eagle did not explicitly explain the obviously compelling reason for Riggs’ sudden move, leaving room for speculation.
Precise information about the future plans of Riggs was not immediately available.
“Will remain with the Company and will assist with the transition”
Eagle said: “David E. Riggs will no longer serve as the Company’s principal financial officer or principal accounting officer, in each case effective May 15, 2017, but will remain with the Company and will assist with the transition.”
Share price rise since June 2016
The change follows a rise in the share price of Eagle Pharmaceuticals, Inc. since June 2016.
ProQuest holds 25.6 percent stake
ProQuest Associates IV LLC reported a 25.6 percent stake in Eagle Pharmaceuticals, Inc. as of December 30, 2016. ProQuest is a healthcare-focused venture capital firm.
Chaired by Michael Graves
Eagle Pharmaceuticals, Inc. is chaired by Michael Graves.
CEO: Scott Tarriff
Scott Tarriff serves as CEO of Eagle Pharmaceuticals, Inc. Tarriff founded Eagle Pharmaceuticals Inc. in January 2007 and has been its Chief Executive Officer since January 2007.
On the job as CFO since 2013
David E. Riggs has been the Chief Financial Officer of Eagle Pharmaceuticals Inc. since November 2013.
Prior to joining Eagle Pharmaceuticals, Riggs served as a healthcare consultant to biotechnology and pharmaceutical companies.
Before being a consultant, Riggs was chief financial officer of Ferring Pharmaceuticals, Inc., a research-driven biopharmaceutical company devoted to isolating, developing, and marketing innovative products in the fields of reproductive health, urology, gastroenterology, endocrinology, and osteoarthritis.
Going back further, Riggs held various positions at eXegenics Inc. (now OPCO Health Inc.), eventually becoming chief executive officer.
In the past he was also the senior vice president and CFO of Axys Pharmaceuticals, Inc. (acquired by Celera Genomics Inc.), a biopharmaceutical company focused on discovery, design, and development of therapeutic small molecules for large worldwide medical markets.
Earlier in his career, Riggs held various positions at Unimed Pharmaceuticals, Inc., a company focused on developing and commercializing products in HIV, oncology, and urology specialty markets.
Prior to that, Riggs had been the treasurer and director of financial planning and analysis for Fujisawa Pharmaceuticals, Inc. (acquired by Astellas Pharma, Inc.).
He has a BS in accounting from the University of Illinois and an MBA from DePaul University.
Signs for push-out forces
It is not completely certain what forces eventually triggered David Riggs’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 21.2017 ($).