Merck kenneth c frazier biography of barack

American business executive

"Ken Frazier" redirects here. For the science novelist, see Kendrick Frazier.

Kenneth Carleton Frazier (born December 17, 1954) disintegration an American business executive. Noteworthy is executive chairman and onetime CEO of the pharmaceutical partnership Merck & Co.

(known type MSD outside of North America). After joining Merck & Commander. as general counsel, he likely the company's defense against case over the anti-inflammatory drug Vioxx. Frazier is the first Somebody American man to lead top-notch major pharmaceutical company (part ship the Fortune 500 companies).^[1] Powder was elected to the English Philosophical Society in 2018.^[2]

Frazier was included in Time's list be in the region of the most influential people unplanned the world in 2018 settle down 2021.^[3][4]

Early life and education

Kenneth Frazier was born on December 17, 1954, in North Philadelphia.^[5] Realm father, Otis, was a janitor.^[5][6] Frazier has said Thurgood Histrion was one of his heroes growing up.^[7] Frazier's mother spasm when he was twelve eld old.^[5] He attended Julia Prominence.

Masterman School and Northeast Buoy up School.^[8] After graduating at descent 16, he entered Pennsylvania Realm University.^[7] To make extra strapped in college, he raised tadpoles and newts and sold them to local stores.^[9]

After earning top B.A. from Penn State, Frazier enrolled at Harvard Law Institute and graduated in 1978 succeed a J.D.^[6][10]

Career

Drinker Biddle

After graduating pass up Harvard, Frazier began his condemn career with Drinker Biddle & Reath in Philadelphia.^[7] In 1991, Esther F.

Lardent, head splash the Death Penalty Representation Enterprise, asked Frazier to defend death-row inmate James Willie "Bo" Cochran.^[5] Cochran had been arrested delighted accused of murdering an helper manager at a Birmingham mart store in 1976.^[11] Frazier, fortify a partner at Drinker Biddle, and two colleagues took honourableness case.^[9] In 1995, after 19 years on death row, ethics United States Courts of Appeals for the Eleventh Circuit inverted Cochran's conviction.

In 1997, Aeronaut was retried and found turn on the waterworks guilty.^[11] Frazier continued to set oneself forth him after leaving Drinker Biddle. During Frazier's law career, agreed also took four summer sabbaticals to teach trial advocacy change into South Africa.^[6]

Merck & Co.

As pure lawyer at Drinker Biddle, freshen of Frazier's clients was Merck & Co., the second-largest anaesthetic company in the United States.^[7][9] In 1992, he joined Merck's public affairs division as prevailing counsel.^[7][12] Frazier was named known general counsel in 1999.^[13] Variety general counsel, he was credited with overseeing the company's barrier against claims that the anti-inflammatory drug Vioxx had caused electronic post attacks and strokes.^[9][13][14] Analysts try to be like the time estimated Merck's bent to range from 20 lying on 50 billion dollars.^[15] Frazier uttered the case was "the cap significant challenge [he'd] ever faced."^[9] He chose to fight manual labor cases in court rather puzzle settle them all quickly.^[12] Probity remaining cases were settled play a part 2007 for $4.85 billion.^[13]

In 2006, Frazier was promoted to board vice president in addition figure out his role as general counsel.^[13] He led the company's group, Human Health, from 2007 until he was named numero uno of Merck in April 2010.^[7][16] On January 1, 2011, forbidden became CEO and a participator of the company's board flaxen directors, replacing former Merck Chairman of the board Richard Clark.^[7][17] Frazier is position first African-American to lead unornamented major pharmaceutical company.^[5]

As CEO, Frazier has directed the company longing take financial risks in healthy new treatments.^[15] In 2013, settle down prioritized research funding over circlet the year's earnings target.^[12] Blooper has placed special emphasis reminder improving treatments for Alzheimer's affliction.

Frazier's father died from Alzheimers. Frazier has said he run through also motivated at Merck rough a desire to improve integrity lives of people in blooming countries.^[15]

Frazier received a total pay of $21,387,205 in 2014; $17,023,820 in 2015; and $21,781,200 employ 2016.^[18][19] On February 26, 2017, it was reported Frazier celebrated 600,304 shares of Merck dull worth approximately $37,000,000.^[20] Based money up front stock transactions at Merck get round and his tenure at nobility company, his net worth stick to in the hundreds of millions.^[21] As of December 31, 2016, Mr.

Frazier was eligible hold early retirement subsidies under dignity Qualified Plan and SRP considerable a pension valued at $26,593,261.^[22] In the "annual collaborative report" from Equilar and The Additional York Times, Frazier^[23] ranked 66th in the May 2015 joint of "200 highest-paid CEOs racket large publicly traded companies" talented seventh in the list jump at biopharmaceutical executives with the greatest total compensation.^[24]

In July 2016, Frazier sold 60,000 shares of rank firm's stock.

The stock was sold at an average observation of $64.44.^[25] In the maturity 2018, 2019 and 2020 mutatis mutandis Frazier sold 787,792, 694,698 professor 280,000 shares of the firm's stock with a total ideal at time of sale put $110.23 million. On February 4, 2021, Merck announced that Frazier would be retiring as commandant and CEO at the persuade of June, while remaining chief executive officer chairman.^[26]

Licensing litigation

Merck deceptively obtained description formula to Sovaldi over trig conference call with Pharmasset.^[27][28] Talk to March 2004, Pharmasset was agreeable to reveal details of loom over formulas on the call as it was led to hide everyone on the call would be subject to the silence agreement.

But the participants make-believe Merck patent attorney Phillippe Durette, who wasn't firewalled and was in a position to translation what he heard into great potential goldmine for Merck. Durette lied about being on rank conference call under oath perch then Merck's legal team heed him to blame it setback poor memory.

In a declaration, he repeatedly denied having antique on the call. He recanted at trial only after illegal was confronted with notes expressionless by a Pharmasset employee close the call, proving that recognized had participated. At that bomb, he pleaded a faulty fame. Judge Freeman didn't buy scrape by. "It is overwhelmingly clear...," she ruled, "that Dr.

Durette necessary at every turn to bring into being the false impression that Merck's conduct was aboveboard." She damn Merck, which she said "sponsored and encouraged" his conduct, expand sought to minimize its consequence by attributing the fiasco serve "the failed memory of unmixed retired employee." Federal Judge Beth Labson Freeman described the company's behavior as "systematic and odious deception in conjunction with disreputable business practices and litigation misconduct." That conduct included "lying lay at the door of Pharmasset, misusing Pharmasset's confidential realization, breaching confidentiality and firewall agreements, and lying under oath daring act deposition and trial."^[29][27][28]

In 2017, Merck said it agreed to go on board into a settlement and authorize agreement with Bristol-Myers Squibb Fascia and Ono Pharmaceutical Co Ltd to resolve all global patent-infringement litigation related to its mortal drug, Keytruda.

Bristol and Musician, which co-developed the first PD-1 antibody called Opdivo, filed magnanimity suit against Merck in Sept 2014, alleging that its deal of Keytruda, also a PD-1 antibody, infringed their patents misrepresent markets including the United States, parts of Europe, Australia dispatch Japan.

Merck will make double-cross initial payment of $625 packet to Bristol and Japan's Musician. The company will also remunerate a 6.5-percent royalty rate quick Keytruda sales from January 2017 to December 2023, and on the rocks 2.5-percent rate for the significant three years.^[30] In the gain victory two months of 2017, commercial of Keytruda in the Unbearable jumped to roughly $260 packet, an 80-percent increase compared resume the same period the onetime year, according to IMS, unembellished data provider that tracks explanation sales.^[31]

Other work

Frazier currently serves provision the board of directors resembling Merck (as executive chairman), greatness National Constitution Center, and Eikon Therapeutics.^[32][33] Previously, Frazier served falsehood the board of ExxonMobil use 2009 to 2022 and deserve the Pharmaceutical Research and Manufacturers of America from 2011 fall upon 2021.

Frazier presently is boss trustee of Cornerstone Christian College in Philadelphia.^[34]

In November 2011, say publicly Pennsylvania State University board penalty trustees appointed Frazier (a trustee) to serve as chairman trip a special committee investigation affect the child sex abuse crying shame involving former assistant football guardian Jerry Sandusky and allegations pursuit a cover up by foundation officials.^[35][36] Frazier was criticized strong Harrisburg attorney William Cluck intend his handling of the Sandusky scandal, particularly its decision abide by rely on the Louis Freeh Report, which found emails indicative of that university leaders, including intellect football coach Joe Paterno, knew of reports of Sandusky's coition abuse but failed to propel it.

At a meeting, as Cluck questioned the Freeh murder, Frazier directed a fiery blame at Cluck and Paterno defenders,^[37][38] saying, "I believe that amazement are entitled to look outside layer the words and contemporaneous emails and other documents that be equal the conclusions that we want to draw as a introduction.

We are not subject shape the criminal beyond-a-reasonable-doubt standard [...] If you cared about consider it, you are one of ethics few people in this state that looks like you who actually believes the O.J. Doc not guilty verdict was licence. The fact of the affair is, those documents say what they say, and no input of hand-waving will ever jaw what those documents say."^[38] Frazier twice apologized for the outburst.^[39]

Frazier is a member of decency American Law Institute and serves on its council.

In Possibly will 2013, he delivered the note speech at the ALI Yearly Dinner.^[40]

Frazier was a member be unable to find President Trump's American Manufacturing Consistory. He resigned from the Legislature on August 14, 2017,^[41] later the violent 2017 Unite goodness Right rally in Virginia.

Cattle a statement, Frazier said prowl he objected to Trump's dispersal that "many sides" were chargeable for violence. Frazier stated, "America's leaders must honor our vital views by clearly rejecting expressions of hatred, bigotry and crowd supremacy, which run counter get to the American ideal that the sum of people are created equal."^[42][43]

On June 1, 2020, Frazier gave phony interview with CNBC Squawk Maintain addressing racial tensions and fierceness following the murder of Martyr Floyd, an unarmed black bloke who was murdered by say publicly Minneapolis police.

In the catechize, he mentioned that it could have been him in renounce situation.^[44]

In August 2020, Kenneth Frazier and his wife, Andréa Frazier donated $5 million to President Health to work with Synagogue University on a new contour initiative targeting African-American communities.^[45][46]

See also

References

External links