Pierre Fréchette Appointed Chief Executive Officer Sabex, Inc
Michel Saucier Retires After Leading Company 24 Years To Continue as Vice Chairman of Board
Boucherville, Québec, February 27, 2004 — Sabex Inc. (“Sabex”), Canada’s leading generic injectable pharmaceutical manufacturer, announced today that Pierre Fréchette has been appointed to the position of Chief Executive Officer. This transition of leadership follows the retirement of Michel Saucier and reflects the succession plan originated eighteen months ago when Mr. Fréchette joined Sabex as President and Chief Operating Officer. As part of this planned transition, Michel Saucier will remain a significant shareholder in Sabex and will retain his position of Vice Chairman of the Board.
Before joining Sabex, Pierre held a variety of leadership positions in marketing, business development, and manufacturing at Baxter International, a global healthcare company. “Pierre has a wealth of experience and has already demonstrated exceptional insight and leadership skills,” said Michel Saucier. “Over the last eighteen months, we have worked closely together in every aspect of the business. As Chief Operating Officer, he has been directing the company and the next logical step is for him to become its Chief Executive Officer.”
In 2002, Sabex was acquired by RoundTable Healthcare Partners, L.P., an operating-oriented private equity firm focused on the healthcare industry. Jack McGinley, a founding partner of the firm, now serves as Chairman of the Board of Sabex. “Michel Saucier has made lasting contributions to Sabex which will contribute to the future growth and prospects of the business,” said Mr. McGinley. “Under Mr. Saucier’s leadership, the company has achieved a tremendous track record of success. Sabex is highly regarded by its customers, suppliers, and employees. We wish Michel the very best in his well-deserved retirement.”
“This is an important milestone for Sabex,” said Mr. McGinley. “Under Mr. Fréchette’s leadership, the company is equally committed to serve its Canadian customers through high quality service and a continuous flow of new products. The company will continue its expansion into new markets throughout Europe and the United States.”
Sabex Inc. is a leading manufacturer and distributor of generic injectable pharmaceuticals. Formed in 1980, Sabex develops, manufactures and distributes generic small volume injectables, ophthalmics, suppositories, and other pharmaceutical products in Canada, the U.S. and other international markets. Sabex’s FDA-approved manufacturing facilities produce generic drugs in many critical specialty product categories, including cardiovascular, analgesics, psychotherapeutics, anti-infectives and parenteral nutrition. More information about Sabex can be found at www.sabex.ca.
RoundTable Healthcare Partners, Lake Forest, Ill, is an operating-oriented private equity firm focused on the healthcare industry. The partners of RoundTable have significant experience in managing, operating, acquiring and financing multibillion-dollar diversified healthcare companies. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.