Cephalon reports passing of founder and CEO

Cephalon has announced the death of its founder, chairman and chief executive officer (CEO) Dr Frank Baldino Jr.

The pharmaceutical company extended condolences to the family of Dr Baldino, who passed away from complications associated with leukaemia on December 16th 2010, at the age of 57.

Dr Baldino originally founded the organisation in 1987, eventually establishing Cephalon as one of the world's top ten biotechnology companies.

He had been on a medical leave of absence from his position at the company since August 2010, with Cephalon announcing earlier this month that this period was to be extended indefinitely.

On his passing, a company statement said: "A pioneer in the biotechnology industry, he was an inspirational leader who will be sorely missed."

Since Dr Baldino's absence began, chief operating officer J Kevin Buchi has taken over his responsibilities and received an affirmation of the board's confidence and support earlier this month.