Purdue Pharma to Forfeit $225M in Opioid Settlement as Pfizer Exec Andrew Baum Departs

Sunny skies and mild breezes are enveloping the Pharmalot campus once again. To celebrate, we’re brewing another cuppa—this time, blackberry hibiscus. No prescription required. So no need to mess with rebates or even TrumpRx.

Meanwhile, here are the key updates:

Pfizer’s Andrew Baum Exits as Chief Strategy Officer

Andrew Baum, a former Citibank analyst who joined Pfizer in June 2024 to reshape its strategic direction, has departed his role as executive vice president and chief strategy and innovation officer, STAT reports. Baum will continue as an adviser to Pfizer CEO Albert Bourla until the end of 2024.

Baum’s hiring was part of a trend of large pharmaceutical companies recruiting former investment bank analysts—who track multiple firms to guide investors—as strategic leaders. Notable examples include:

• Ronny Gal, a longtime Bernstein analyst, who became chief strategy and growth officer at Novartis in 2022.
• Christopher Shibutani, who joined Bristol Myers Squibb as chief strategy officer last year.

Purdue Pharma’s $225M Forfeiture in Opioid Settlement

A U.S. judge is set to sentence Purdue Pharma, the maker of OxyContin, to forfeit $225 million to the U.S. Department of Justice on Tuesday, Associated Press reports. This penalty, agreed upon in a 2020 deal, resolves federal civil and criminal probes into the company’s role in the opioid crisis.

If approved, the forfeiture clears the way for Purdue to finalize a broader settlement covering thousands of lawsuits. The agreement, already approved by another judge last year, could take effect on May 1.

The settlement requires the Sackler family, Purdue’s owners, to pay up to $7 billion to state, local, and Native American tribal governments, as well as individual victims and others.