Nasrat Hakim has left his international VP position at Actavis to join Elite Pharmaceuticals as president and CEO.
The move was announced alongside the news that Elite has purchased multiple products from Mikah Pharma – a pharma company founded by Hakim in 2009.
These include 12 generic drugs already approved by the US Food and Drug Administration (FDA) but are yet to be marketed. An additional generic product is under review.
“Nasrat has broad experience in both branded and generic pharmaceuticals as well as extensive regulatory experience and I have tremendous confidence in his ability to drive operational excellence and growth as we advance the development of products utilising our proprietary abuse resistant technology,” said Elite’s chairman Jerry Treppel.
“The acquisition of the Mikah products is expected to eventually significantly enhance our revenue base over time with a commensurate increase in cash flow that will be utilised to decrease our operating losses and then support R&D.”
Hakim was most recently international vice president of quality assurance at Actavis having pervious service as corporate VP of technical services, quality and regulatory compliance for Actavis US.
His positions prior to Actavis include global VP, quality and regulatory compliance for Alpharma, as well as executive director of the quality unit at TheraTech.