Shire announces resignation of Michael Cola

Shire has announced that Michael Cola, the president of its specialty pharmaceuticals division, is leaving the company.

Mr Cola's resignation will be effective from April 2nd, with the search for a replacement now underway.

Chief executive Angus Russell praised the departing executive for his devoted service and strategic leadership during seven years at Shire.

"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," Mr Russell commented.

Mr Cola joined Shire in 2005 and assumed his current role the following year. Before his arrival at the UK-based biopharmaceutical firm, he held positions at Merck, AstraZeneca and Safeguard Scientifics.

Responsibility for leading the specialty pharmaceuticals business will lie with Mr Russell until an appointment is made.

Shire's total revenues increased by 23 percent to top $4 billion (2.5 billion pounds) for the first time last year, boosted by strong sales of drugs such as Vpriv and Replagal.