Michael Cola resigns as president of Shire Specialty Pharmaceuticals

Shire's Michael Cola is to resign as president of the company's specialty pharmaceuticals business.

“With the company in a position of tremendous strength it is time for me to explore new career opportunities and challenges,” he said. “It has been an honour to work with my colleagues at Shire.”

Cola had been with Shire for seven years, joining as executive VP and general manager for the company's global therapeutic business units.

He assumed the role of president of the specialty pharmaceuticals business in 2006.

His role will be taken over by the company's CEO Angus Russell while the search for a new president is carried out.

Russell said: “As president of the SP business, Mike was instrumental in helping Shire transform itself from a company dominated by a single product in one market to a leading global biopharmaceutical company with a diversified product portfolio.”

Prior to joining Shire, Cola held several executive positions at pharma companies, including Merck,  AstraZeneca and Safeguard Scientifics.